A further 50,000 households across Australia will get a hand up into home ownership, with the new financial year bringing more support from the Albanese Labor Government through the expanded and improved Home Guarantee Scheme.
On 1 July, 50,000 new places will be made available across the Home Guarantee Scheme’s three categories:
- The First Home Guarantee – 35,000 places a year;
- The Regional First Home Buyer Guarantee – 10,000 places until 30 June 2025; and
- The Family Home Guarantee – 5,000 places until 30 June 2025.
In the 2023-24 financial year, more than 57,000 individuals were supported through the Home Guarantee Scheme.
Last year the Albanese Labor Government expanded eligibility criteria for the Home Guarantee Scheme, which allowed friends, siblings, and other family members to apply.
The expanded criteria, which came into effect in July 2023, also allowed non‑first home buyers who have not owned a property in Australia within the previous 10 years to access the First Home Guarantee and Regional First Home Buyer Guarantee, and legal guardians to access the Family Home Guarantee.
The Family Home Guarantee was 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.
This substantial expansion followed the earlier introduction by the Albanese Labor Government of the Regional First Home Buyer Guarantee in October 2022 – three months earlier than promised.
It provides a Government guarantee of up to 15 per cent for eligible first home buyers, so regional Australians with a 5 per cent deposit can avoid paying mortgage insurance.
In the first full financial year since the election, the Home Guarantee Scheme’s share of the first home buyer market grew significantly under Labor, with almost one in three first home buyers in 2022-23 supported by the scheme, up from one in seven in 2021-22.
Since the election of the Albanese Labor Government, more than 110,000 people have been helped into home ownership across Australia through the expanded and improved Home Guarantee Scheme.
Quotes attributable to Minister for Housing, Julie Collins MP:
“Our significant improvements to the Home Guarantee Scheme has helped more than 110,000 people into home ownership across the country.
“And Labor wants to help tens of thousands more through Help to Buy, our shared equity scheme which could help Australians save up to 40 per cent on the cost of their mortgage.
“It won’t just be a leg up into home ownership with savings from a smaller deposit – Help to Buy will provide long‑term mortgage relief to Australians who are part of the Scheme.
“Queensland has already passed legislation to participate in this life changing scheme, which the Liberals and the Greens are holding up in the Senate.
“Help to Buy is one part of the Albanese Labor Government’s $32 billion Homes for Australia plan. We’re committed to building more homes because we know more homes means more affordable options for everyone, whether they’re looking to buy, to rent or for somewhere safe to spend the night.”
