More than 26,000 people have been helped into home ownership in the first six months of the expanded ³Ô¹ÏÍøÕ¾ Guarantee Scheme with more support on offer in 2024.
Since July last year, the First ³Ô¹ÏÍøÕ¾ Guarantee and the Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee have been open to joint applications with friends and family members – not just single or married applicants.
In the first six months, more than 300 places have been approved for joint applications between siblings, friends and parents and children.
The Family ³Ô¹ÏÍøÕ¾ Guarantee was also expanded, from single natural or adoptive parents with dependents to eligible borrowers who are single legal guardians of children such as aunts, uncles and grandparents.
Since the election of the Albanese Government has helped more than 93,000 people into home ownership across Australia through the ³Ô¹ÏÍøÕ¾ Guarantee Scheme.
³Ô¹ÏÍøÕ¾ buying support remains on offer for the rest of the financial year.
In total, 35,000 places are available per year across the First ³Ô¹ÏÍøÕ¾ Guarantee, 10,000 places per year to 30 June 2025 under the Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee, and 5,000 places per year to 30 June 2025 under the Family ³Ô¹ÏÍøÕ¾ Guarantee.
That means, in this financial year, 18,000 places are still available under the First ³Ô¹ÏÍøÕ¾ Guarantee, 5,000 places under the Regional First ³Ô¹ÏÍøÕ¾ Buyer Guarantee, and 4,000 places under the Family ³Ô¹ÏÍøÕ¾ Guarantee.
³Ô¹ÏÍøÕ¾ ownership will also come back into reach for thousands of households through the government’s Help to Buy scheme which starts this year, following the passage of state legislation.
This will be life changing for thousands of Australians who have been locked out of the security and stability of home ownership.
Quotes attributed to Minister for Housing, Julie Collins:
“Right across the country the Albanese Government is bringing home ownership back into reach for thousands of Australians.
Our expanded ³Ô¹ÏÍøÕ¾ Guarantee Scheme is helping thousands of Australians, including siblings, friends and single guardians. In 2024 it will help thousands more.
With legislation introduced to Parliament to make Help to Buy a reality, we are a step closer to offering Australians even more support to achieve home ownership.
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.”
