Prime Minister Scott Morrison has announced the Government’s Home Guarantee Scheme will reissue up to 4,651 unused guarantees for first home buyers from the 2020-21 financial year - adding to the pool of available spots this year.
The scheme is designed to help first home buyers and single-parent families enter the property ladder with a deposit of as little as 5% or 2%, respectively, without paying for expensive insurance. “We want more first home buyers to get into the place of their dreams,” said the Prime Minister.
“The pandemic and lockdowns have interrupted the plans of many homebuyers this year, so this is about ensuring we give thousands more families the opportunity they need. We want to help Australians into their first home or a home that they’ve had built for them and their family, and with our support, first home buyers are at their highest level in nearly 15 years.”
Minister for Housing Michael Sukkar said coupled with HomeBuilder and the First Home Super Saver Scheme, more than 300,000 Australians have been helped into homeownership, including almost 60,000 Australians through the Home Guarantee Scheme. “The Morrison Government will continue to provide Australians who have that aspiration to go and buy a home, the opportunity to go and achieve that,” Minister Sukkar said.
Rachel Slade, NAB Group Executive for Personal Banking, has welcomed the move, commenting the bank had seen the scheme help thousands of Australians buy a home earlier than expected. Around 10,000 NAB customers had bought their first home via the scheme over the past two years; “Customer interest has been beyond our expectations from day one,” she added.
“This year’s price rises have made it more challenging for many Australians to enter the housing market, which is why support measures such as these are so important.”
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