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The Home Guarantee Scheme comprises the First Home Guarantee, previously known as the First Home Loan Deposit Scheme, and the Family Home Guarantee. The number of places available through the First Home Guarantee has been increased from 10,000 to 35,000 per financial year, while the Family Home Guarantee now has an annual allocation of 5,000 places from 1 July 2022 until 30 June 2025.
Under the First Home Guarantee, an eligible first homebuyer 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 the Home Guarantee Scheme and its’ administration by the National Housing Finance and Investment Corporation (NHFIC). To date the scheme has helped more than 61,000 Australians get into a home of their own.
“HIA has always maintained that owning your own home is the best form of financial and personal security a person can have.
“The allocation released today takes the scheme from its original pilot phase, to a well accepted part of the home buying landscape in Australia. Since its launch it has been clear that a real problem is being addressed and most importantly that thousands of Australia’s have been assisted to buy their first home.
“NHFIC anticipates making 50,000 new Scheme places available to eligible homebuyers in the year ahead, including 10,000 places in the new Regional First Home Buyer Support Scheme.
“HIA’s research earlier this year showed that 85 percent of renters in Australia aspire to own their own home, but only 49 percent believe the dream is an achievable one.
“The Home Guarantee Scheme goes a long way to helping that dream become a reality and HIA looks forward to its continued success.”
The Housing Industry Association (HIA) has undertaken an assessment of National Cabinet’s 10 point National Planning Reform Blueprint including identifying, and in some cases re-defining, the key planning reform measures needed from the Blueprint to enable the delivery of National Cabinet’s Housing Accord target of building 1.2 million homes over the next 5 years.
“It is nine months since the RBA’s last rate rise and market confidence is returning. It is only the heavily taxed markets of NSW and Victoria that are yet to see a trough in detached home building in 2024,” stated HIA Chief Economist, Tim Reardon
Following the introduction of the engineered stone ban around the country earlier this year, new rules when working with silica products will come into effect from 1 September.
“Detached home building in the nation’s capital is constrained, sitting at record lows, with the current affordability crisis expected to persist for years,” stated HIA Executive Director, Greg Weller.