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The Albanese government’s expanded Home Guarantee Scheme has assisted over 26,000 people into home ownership in its first six months, Minister for Housing Julie Collins has said.
On the back of this announcement, Ms Collins stated that home ownership will come “back into reach” for thousands of Australian households as the recently passed Help to Buy scheme commences this year.
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The First Home Guarantee and the Regional First Home Buyer Guarantee have been open to joint applications with friends and family members (not exclusive to single or married applicants) since July 2023.
Since then, over 300 places have been approved for joint applications between friends, siblings, parents, and children.
According to Ms Collins, the Albanese government, through the Home Guarantee Scheme, has helped over 93,000 people into home ownership across the country since the 2022 election.
“Right across the country the Albanese government is bringing home ownership back into reach for thousands of Australians,” Ms Collins stated.
“Our expanded Home 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 home buyers, more help for renters, and more help for Australians needing a safe place for the night.”
During this financial year, 18,000 places are still available under the First Home Guarantee, 5,000 under the Regional First Home Buyer Guarantee, and 4,000 under the Family Home Guarantee.
In total, 35,000 places are available per year across the First Home Guarantee, 10,000 places per year to 30 June 2025 under the Regional First Home Buyer Guarantee, and 5,000 places per year to 30 June 2025 under the Family Home Guarantee.
Recent research conducted by Pureprofile on behalf of Resolve Finance has found that 14 per cent of respondents who did not own a home intended on buying one throughout 2024.
Commenting on the research, managing director of Resolve Finance, Don Crellin, said there are signs of a “strong resurgence” of first home buyers planning to enter the housing market.
“The stabilisation of interest rates and the ever-increasing cost of rent may be a catalyst for this shift,” Mr Crellin said.
“There are also opportunities for first-time buyers to take part in government incentives such as the First Home Guarantee scheme, which enables first-time buyers to get on the property ladder with just a 5 per cent deposit.”
[RELATED: Increase in FHBs planning to enter the market: Resolve Finance]
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