Document ID: chunk:federal_register_of_legislation:F2024C01285:reg:28zf:p1
Version: federal_register_of_legislation:F2024C01285
Segment Type: reg
Provision Reference: reg 28ZF (pt 1/2)
Character Range: 80232–83002

28ZF  Simplified outline of this Part

      Home Guarantee Scheme
      This Part deals with the Home Guarantee Scheme. The Home Guarantee Scheme is made up of 4 different streams of guarantees.
      First Home Guarantee
      The purpose of the First Home Guarantee is to facilitate first home buyers, and buyers who have not held an ownership interest in Australian land in the last 10 years, entering into the housing market sooner. It does this by allowing Housing Australia to issue up to 35,000 guarantees each financial year from 2022-23 for loans to such home buyers with a deposit of between 5 and 20 per cent of the property's value.
      New Home Guarantee
      The New Home Guarantee is a part of the Home Guarantee Scheme that specifically relates to building a new dwelling or purchasing a newly built dwelling. The purpose of the New Home Guarantee is to support jobs in the residential construction sector and promote home ownership. It does this by allowing Housing Australia to issue up to an additional 10,000 guarantees for each of the 2020-21 and 2021-22 financial years for loans to first home buyers to purchase a newly built dwelling or build such a dwelling. Any unissued New Home Guarantees from 2020-21 can be rolled over into the 2021-22 financial year at the discretion of the responsible Minister; however unissued New Home Guarantees from 2021-22 cannot be rolled over into the following financial year. The New Home Guarantee stream is now closed, and further New Home Guarantees cannot be issued.
      Family Home Guarantee
      The Family Home Guarantee is a part of the Home Guarantee Scheme that specifically relates to single parents, or single legal guardians, with dependants, including those who are not first home buyers. The purpose of the Family Home Guarantee is to support such single parents, or single legal guardians, on a pathway to home ownership. It does this by allowing Housing Australia to issue up to an additional 5,000 guarantees for each of the 2022-23, 2023-24 and 2024-25 financial years to eligible single parents, or single legal guardians, with a deposit of between 2 and 20 per cent of the property's value. An eligible single parent, or single legal guardian, is not required to be a first home buyer at the time of entering into a loan under the Family Home Guarantee. However, at that time, they must not own property unless, stated broadly:
             ● they are selling that property at the same time as they are purchasing property under the Family Home Guarantee; or
             ● they are buying out the existing family home.
      The single parent, or single legal guardian, must meet the eligible lender's credit assessment criteria.
      Regional First Home Buyer Guarantee
      The