In an effort to help more Australians break into the property market, the federal government will reissue unused places under the Home Guarantee Scheme.
The 4,651 unused guarantees for first-home buyers from the 2020-2021 financial year will be rolled over to the current financial year to enable more first-home buyers to enter the market.
The Home Guarantee Scheme allows buyers to enter the market with as little as 5% deposit for first-home buyers and 2% deposit for single-parent families.
Minister for Housing Michael Sukkar said the Home Guarantee Scheme, along with other support programs such as HomeBuilder and First Home Super Saver Scheme, have assisted more than 300,000 Australians achieve homeownership.
“The government will continue to provide Australians who have that aspiration to go and buy a home, the opportunity to go and achieve that,” he said.
The recent Trends & Insiders Report for 2020-2021 on the Home Guarantee Scheme provides an overview on how these support schemes have been helping Australians, particularly the essential workers, leap into homeownership.
In fact, around one in five of guarantees issued under the First Home Loan Deposit Scheme (FHLDS) went to essential workers, representing nearly 6,000 key workers, around a third are nurses.
Furthermore, the report revealed that homebuyers who were issued under the deposit schemes were able to break into the market four years earlier than they would have otherwise.
Collections: Mortgage News
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