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“HIA has supported the First Home Guarantee program from its inception. The program continues to provide a pathway into home ownership for people who are struggling to overcome the deposit gap but could manage regular mortgage payments if they had the chance.
“The release this weekend of 10,000 new places in the program focused on regional first home buyers are a welcome addition.
"It is universally recognised that saving for a deposit is the largest obstacle to achieving home ownership. The First Home Guarantee program supports first home buyers to buy a home with as little as five percent deposit.
“Since 2019 the First Home Guarantee scheme has helped tens of thousands of Australians get into their first home.
“The new Guarantee supports eligible first home buyers living in regional areas to purchase a new or existing home in a regional area that they already call home.
“Regional Australia has endured so much in the last three years with a range of factors impacting people’s ability to save for their first home. This has been compounded by the general cost of living pressures that everyone in Australia is experiencing.
“HIA is pleased to see the federal government delivering on the commitment made earlier this year to expand the program with these 10,000 new places.
“Buying your own home is the best form of financial and personal security a person can have,” concluded Ms Brookfield.
“Australia’s population reached 27.4 million by the end of 2024, up by 445,900 people, or 1.7 per cent for the year,” stated HIA Senior Economist, Tom Devitt.
The Tasmanian election that no-one wanted to have is in full swing, and while the limited campaign period is unlikely to provide the usual platform to promote key policies and reforms, HIA is calling on both major parties to prioritise housing policies given the significant challenges across the state.
“Our dated and complex planning system is littered with speed bumps that could easily be removed”, said Brad Armitage, HIA NSW Executive Director.
“The Victorian government’s proposal to update home building contract laws to make them fit for use in the 21st century is welcomed by HIA,” stated HIA Executive Director, Keith Ryan.