The Federal Government’s Home Guarantee Scheme has made a significant impact in helping key demographics, particularly regional Australians, women, and younger buyers, secure home ownership.
According to the Housing Industry Association (HIA), over 18,000 regional Australians benefited from the scheme during the 2023/24 financial year, with more than 13,000 people accessing the Regional First Home Buyer Guarantee (RFHBG).
“It is particularly pleasing to see that regional Australians comprised a significant portion of eligible home buyers utilising the Scheme, with over 18,000 regional Australians supported including over 13,000 people accessing the RFHBG,” said HIA Managing Director Jocelyn Martin
The scheme has also been successful in supporting other key groups, with “51% of participants in the Scheme [being] women, and 55% [being] under the age of 30,” according to Ms Martin.
In total, 43,800 places were taken up under the Home Guarantee Scheme during the 2023/24 financial year, with the Scheme continuing to play a crucial role in supporting first home buyers.
The Home Guarantee Scheme, an initiative by the Australian Government, helps eligible home buyers, including first home buyers, single parents, and regional Australians, buy a home sooner. It includes the First Home Guarantee (FHBG), the Family Home Guarantee (FHG), and the Regional First Home Buyer Guarantee (RFHBG) and is available through 33 participating lenders.
“The Home Guarantee Scheme is an important incentive making it easier for a first home buyer to raise their deposit more quickly and easily and in turn helping them get into their own home faster,” said Ms Martin.
Ms Martin said key workers, including nurses, teachers, and social workers, also benefited, with over 11,300 key workers entering home ownership in 2023-24.
“These positive inroads into improving housing outcomes prove what we have said all along, that these types of Schemes work and should be expanded and supported for those who want to achieve the Australian dream of owning their own home can do it.”
