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$vuetify.icons.faPhone1300 650 620

Home Guarantee Scheme expansion a boost for housing

Media release

Home Guarantee Scheme expansion a boost for housing

Media release
“The release of 50,000 new places under the Federal Government’s Home Guarantee Scheme is an important boost for aspirational home buyers in Australia,” said Simon Croft, HIA Chief Executive, Industry & Policy.

“50,000 new places are now available for the 2024-25 financial year across three Scheme Guarantees including:

  • 35,000 places for the First Home Guarantee (FHBG);
  • 10,000 places for the Regional First Home Buyer Guarantee (RFHBG); and
  • 5,000 places for the Family Home Guarantee (FHG).

“Under the First Home Guarantee, an eligible first home buyer can purchase a property with a deposit of as little as five per cent, while through the Family Home Guarantee a single parent with dependents can purchase a home with a deposit of as little as two per cent.

“The Guarantees offer help to those Australians looking to buy their first home, recognising that saving for a deposit is the largest obstacle to achieving home ownership.

“With the current cost pressures on households, a first home buyer is facing years to save a deposit and in that time they risk being priced out of the market.

“Since its inception, HIA has been strongly supportive of the Home Guarantee Scheme and it’s administration by Housing Australia. To date the scheme has helped more than 160,000 Australians get into a home of their own.

”Recent analysis of the Scheme from the 2022-23 financial year, found that around 10,860, or more than one third of all guarantees were issued to buyers in regional areas up from around 7,390 in 2021-22.

“It also showed an increasing proportion of younger buyers participated in the Scheme each year since its inception. More than half of all places under the Scheme, in 2022-23, were taken up by people under the age of 30.

“HIA has always maintained that owning your own home is the best form of financial and personal security a person can have. The Home Guarantee Scheme goes a long way to helping that dream become a reality and HIA looks forward to its continued success,” concluded Mr Croft.

For more information please contact:

Simon Croft

Chief Executive - Industry & Policy

Joe Shanahan

Manager, Communications & Media
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