Budget-2023-policies-for-homebuyers.jpg

The Federal Government has officially announced the changes to Home Guarantee Scheme as part of the Budget 2023-24, allowing more homebuyers to qualify for the programs that would allow them to enter the housing market with a low deposit.

Here are the changes to the Home Guarantee Scheme and other policies announced affecting homebuyers and homeowners:

Home Guarantee Scheme

First Home Guarantee and Regional First Home Buyer Guarantee

  • Joint applications for friends, siblings, and other family members will be allowed starting July 2023.
  • Buyers who have previously owned a home may be allowed to apply as long as their last ownership was at least 10 years ago.

Family Home Guarantee

  • Eligibility will be extended to include single legal guardians of children such as aunts, uncles, and grandparents.

Also read: What Federal Budget 2023-24 has for property investors

Helping Australians save on energy bills

The government will be rolling out initiatives to help households access energy savings and upgrades through the Energy Savings Package.

  • Establishment of Household Energy Upgrades Fund - This will provide $1bn to the Clean Energy Finance Corporation (CEFC) to turbocharge financing options for household energy upgrades. Partnering with banks and lenders, this will help 110,000 households lower their energy bills.
  • An additional $300m will be added to the Household Energy Upgrades Fund to support upgrades to social housing, cofounded and co‑designed with the states and territories. This is expected to lower the energy consumption of more than 60,000 social housing properties.
  • Roughly $36.7m will be allocated to expand and upgrade the Nationwide House Energy Rating Scheme to apply to existing homes. This investment means people will be able to seek a home energy rating, so Australians can make the best choices for their hip pocket when it comes to energy upgrades and renting and purchasing homes.

Energy bill relief

The government is partnering with state and territory governments to deliver up to $3bn of electricity bill relief for eligible households, who can save up to $500 savings from July 2023.

One million homes from 2024

The government will be working with state and territories, the Australian Local Government Association, investors and the construction sector through the National Housing Accord in the shared ambition to boost supply and build one million new homes from 2024.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
$2,408
Principal & Interest
Variable
$0
$530
70%
 Featured Online ExclusiveUp to $4k cashback
  • Immediate cashback upon settlement
  • $2000 for loans up to $700,000
  • $4000 for loans over $700,000
5.99% p.a.
5.90% p.a.
$2,396
Principal & Interest
Variable
$0
$0
80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
$2,434
Principal & Interest
Variable
$0
$250
60%
  • Find out your loan eligibility in 2 minutes or less
  • Complete your application in less than 20 minutes
  • Low fees and fast approval times
5.95% p.a.
5.95% p.a.
$2,385
Principal & Interest
Variable
$0
$0
90%
5.94% p.a.
5.95% p.a.
$2,383
Principal & Interest
Variable
$0
$0
90%
Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of .

-

Photo by pixelshot on Canva.

 

Collections: