The Albanese Government’s expanded Home Guarantee Scheme is helping a growing number of Australians into home ownership, according to new research released today.
The National Housing Finance and Investment Corporation’s Trends and Insights report reveals the expanded Scheme helped 41,700 Australians to purchase a home in 2022-23, the first full financial year of the Albanese Government.
The number of guarantees issued under the expanded Scheme was 39 per cent higher than the previous financial year.
The Albanese Government introduced the new Regional First Home Buyer Guarantee to the Scheme in October 2022 which is helping more regional Australians into home ownership.
The expanded Home Guarantee Scheme is also helping a growing number of key workers, such as teachers, nurses and social workers, to purchase a home with around 7,721 guarantees issued to key workers in 2022-23, up 37 per cent from 2021-22.
The Albanese Government’s expanded Scheme is also helping more young people into home ownership.
More than one in two places under the Home Guarantee Scheme’s First Home Buyer Guarantee and the Regional First Home Buyer Guarantee were taken up by people under the age of 30, up from around 1 in 3 in 2019-20.
The Albanese Government made further changes to the Home Guarantee Scheme on 1 July 2023 to help even more Australians into home ownership.
Friends, siblings, and other family members are now eligible for joint applications under the First Home Guarantee and the Regional First Home Buyer Guarantee which form part of the Home Guarantee Scheme.
The guarantees have also been expanded to non-first home buyers who haven’t owned a property in Australia in the last ten years, supporting those who have fallen out of homeownership, often due to financial crisis or relationship breakdown.
