The Morrison Government is backing in first home owners to enter the property market sooner with up to an extra 4,651 buyers set to benefit under the Government’s Home Guarantee Scheme this year.
The Scheme helps first home buyers and single parent families get into their own home sooner with a deposit of as little as five per cent or two per cent respectively.
Prime Minister Scott Morrison said the Government’s Home Guarantee Scheme would reissue up to 4,651 unused guarantees for first home buyers from the 2020-21 financial year who haven’t had an opportunity to purchase their first home, including because of COVID disruptions.
“We want more first home buyers to get into the place of their dreams,” the Prime Minister said.
“The pandemic and lockdowns have interrupted the plans of many home buyers this year, so this is about ensuring we give thousands more families the opportunity they need.
“We want to help Australians into their first home or a home that they've had built for them and their family, and with our support first home buyers are at their highest level in nearly 15 years.”
Minister for Housing Michael Sukkar said coupled with HomeBuilder and the First Home Super Saver Scheme, more than 300,000 Australians have been helped into home ownership, including almost 60,000 Australians through the Home Guarantee Scheme.
“The Morrison Government will continue to provide Australians who have that aspiration to go and buy a home, the opportunity to go and achieve that,” Minister Sukkar said.
“The recent release of the annual Trends & Insiders Report for 2020-2021 on the Home Guarantee Scheme is further evidence that our Government is on the side of essential workers, women and young Australians as they make the leap into home ownership.”
Some of the Report’s key insights are:
- One in five First Home Loan Deposit Scheme (FHLDS) guarantees issued went to essential workers, representing almost 6,000 key workers who purchased their first home under the scheme, 34.8 per cent of which were nurses.
- Fifty two per cent of FHLDS guarantees went to women, with the market average only 41 per cent women.
- Fifty eight per cent of all buyers under the Scheme were Australians aged under 30.
- Homebuyers were able to bring their home purchases forward by an average of four years for the FHLDS, and 4.5 years for the New Home Guarantee.
The Report can be found here.
Liberal Candidate for Corangamite Stephanie Asher said the Morrison Government’s Home Guarantee Scheme had supported many families in the area into their first home, including 577 homes in Greater Geelong.
“With so many young people and families moving to Geelong, the Surf Coast and the Bellarine, this is about making it easier to make home ownership a reality,” Ms Asher said.
“It’s programs like this that will help even more people see the great lifestyle and opportunities our region has to offer.”
First home buyers will be able to apply for these guarantees from the Scheme’s panel lenders in the coming weeks. For more information, visit https://www.nhfic.gov.au/what-we-do/support-to-buy-a-home/