Siblings jump on expanded home guarantee scheme

Several sets of siblings have teamed up to buy homes with a smaller deposit under the expanded home guarantee scheme.

Twenty-one groups of siblings and 14 sets of friends have joined forces to secure a property under loosened eligibility requirements that kicked in on July 1.

Another 12 spots in the Commonwealth scheme aimed at providing a leg up to first-time buyers were nabbed by parent and child combinations.

The scheme, which allows first-home buyers and other eligible applicants to buy a property with a lower deposit and have the rest guaranteed by the government, used to be reserved for couples and solo buyers.

First introduced by the former coalition government, the scheme has since been opened up to friends, siblings and other family members.

Housing Minister Julie Collins was pleased to see friends and family members buying together in the few months since the eligibility rules were introduced. 

"This is a fantastic opportunity for Australians to get into their own home," she said. 

The regional guarantee support scheme has also proved popular, with take-up concentrated in Queensland and NSW.

The program falls under the broader guarantee scheme but is reserved for those living in regional areas.

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