Housing Has Become So Unaffordable That Australia Now Permits Friends to Buy A House Together

The federal government of Australia, “moving to meet the times,” has expanded the eligibility criteria of three of its housing schemes to allow more Australians to achieve home ownership.

Beginning July 1st, the First Home Guarantee, the Regional First Home Buyer Guarantee, and the Family Home Guarantee will now be available to any two eligible individuals — such as siblings, a parent and a child, cousins, or two friends.

The three schemes were originally only open for married couples and people in de facto relationships. 

“We know friends and family members are already teaming up to secure their own place to call home,” said Housing Minister Julie Collins. “Our actions will allow them to access vital assistance, just as couples have been able to previously.”

The updated rules also make Australian permanent residents, and not just citizens, eligible. Additionally, people who have previously owned a home are also now eligible, provided that they haven’t owned one in the last 10 years.

The federal government also acts as a guarantor under these schemes, allowing people to purchase their home with as little as a 5% deposit, avoiding the high expense of lender’s mortgage insurance.

Information for this story was found via 10News on Twitter, The Guardian, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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