Government helps 100,000

people into home ownership

The Federal Government is bringing home ownership back into reach with the Home Guarantee Scheme helping more than 100,000 people into a home since May 2022.

14 February 2024

 

A KEY Labor election commitment, the expanded Home Guarantee Scheme, helps eligible home buyers secure finance sooner through government support.

 

Almost 1 in 3 first home buyers in 2022-23 were supported by the Scheme, a significant increase from the last year of the former Liberal Government.

 

The Home Guarantee Scheme is comprised of the First Home Guarantee, Regional First Home Buyer Guarantee and the Family Home Guarantee.

 

The Federal Government has delivered on its commitment to introduce the new Regional First Home Buyer Guarantee three months ahead of schedule in October 2022, and has assisted more than 15,000 people across regional Australia into home ownership. It has also expanded eligibility of the Home Guarantee Scheme to help more Australians into home ownership.

 

Minister for Housing, Julie Collins said “Everyday, the Albanese Labor government is helping more and more Australians around the country to move into their own home.

 

“Under Labor, the expanded Home Guarantee Scheme has already helped 100,000 people into home ownership, and with Help to Buy we will help thousands more.

 

“Our ambitious housing reform agenda is working across the board – more help for homebuyers, more help for renters and more help for Australians needing a safe place for the night.”

 

Since July last year, the First Home Guarantee and Regional First Home Buyer Guarantee have been open to joint applications with friends and family members, not just single, married or de facto applicants.

 

The Family Home Guarantee has been expanded from single natural or adoptive parents with dependants to eligible borrowers who are single legal guardians of children, such as aunts, uncles and grandparents.

 

The Government is now providing even more support for people to own their home through the 'Help to Buy' scheme, which is due to start later this year following the passage of state legislation.

 

'Help to Buy' will support eligible homebuyers with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes – with eligible buyers needing as little as a 2 per cent deposit to buy a home.

 

 

Federal Member for Robertson, Dr Gordon Reid said “The Federal Labor Government wants to see more Australians able to buy their first home.

 

“I am pleased that our housing policies are making a real difference for thousands of Australians, especially for 1,578 people living on the Central Coast who have been able to buy their first home thanks to our government’s help.

 

“Housing affordability will continue to be an important focus of the Federal Labor Government."