9 February 2024

Albanese Labor Government helps 100,000 people into home ownership

The Albanese Labor Government is bringing home ownership back into reach with the Home Guarantee Scheme helping more than 100,000 people into a home since May 2022.

A key Labor election commitment, the expanded Home Guarantee Scheme helps eligible home buyers secure finance sooner through government support.

Almost 1 in 3 first home buyers in 2022–23 were supported by the Scheme, a significant increase from the last year of the former Liberal Government.

The Home Guarantee Scheme is comprised of the First Home Guarantee, Regional First Home Buyer Guarantee and the Family Home Guarantee.

The Albanese Labor Government delivered on its commitment to introduce the new Regional First Home Buyer Guarantee three months ahead of schedule in October 2022, and has assisted more than 15,000 people across regional Australia into home ownership.

The Albanese Labor Government has also expanded eligibility of the Home Guarantee Scheme to help more Australians into home ownership.

Since July last year, the First Home Guarantee and Regional First Home Buyer Guarantee have been open to joint applications with friends and family members, not just single, married or de facto applicants.

The Family Home Guarantee has been expanded from single natural or adoptive parents with dependants to eligible borrowers who are single legal guardians of children, such as aunts, uncles and grandparents.

The Albanese Labor Government is providing even more support for people to own their home through the Help to Buy scheme, which is due to start later this year following the passage of state legislation.

Help to Buy will support eligible homebuyers with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes – with eligible buyers needing as little as a 2 per cent deposit to buy a home.

Quotes attributable to Minister for Housing, Julie Collins:

“Everyday, the Albanese Labor government is helping more and more Australians around the country to move into their own home.

“Under Labor, the expanded Home Guarantee Scheme has already helped 100,000 people into home ownership, and with Help to Buy we will help thousands more.

“Our ambitious housing reform agenda is working across the board – more help for homebuyers, more help for renters and more help for Australians needing a safe place for the night.”