The Albanese Government is helping thousands more Australians into homeownership by expanding the Home Guarantee Scheme.
From today, 1 July 2022, the Scheme will be expanded to include:
- 35,000 places each financial year to support first home buyers to purchase a home with a deposit of as little as five per cent (the First Home Guarantee); and
- 5,000 places each financial year to support single parents with dependents to purchase a home with a deposit of as little as two per cent (the Family Home Guarantee).
From today updated property price caps will also apply, reflecting recent increases in property prices and to make more properties available for purchase using the Scheme.
The table below details the updated property price caps that will apply from 1 July 2022.
Further information on the scheme, including eligibility criteria and the full list of participating lenders, is available from the National Housing Finance and Investment Corporation website.
The Albanese Government will also provide targeted support to Australians living in regional areas though a new Regional First Home Buyer Support Scheme.
This new scheme will join the Home Guarantee Scheme and deliver on a commitment the Albanese Government made before the election. Further details on this scheme will be announced shortly.
The Albanese Labor Government is committed to introducing a suite of policies that will make it easier for Australians to buy a home, and deliver more social and affordable housing.
This includes:
- The $10 billion Housing Australia Future Fund which will build 30,000 social and affordable housing properties in its first five years;
- Help to Buy, a new program to make it cheaper and easier for Australians to own their own home;
- Establishing a National Housing Supply and Affordability Council; and
- Developing a new National Housing and Homelessness Plan.
| Area | Home Guarantee Scheme | |
|---|---|---|
| Existing property price cap (First Home Loan Deposit Scheme and Family Home Guarantee) | Updated property price cap (First Home Guarantee and Family Home Guarantee), from 1 July 2022 | |
| New South Wales – capital city and regional centre | $800,000 | $900,000 |
| New South Wales – other | $600,000 | $750,000 |
| Victoria – capital city and regional centre | $700,000 | $800,000 |
| Victoria – other | $500,000 | $650,000 |
| Queensland – capital city and regional centre | $600,000 | $700,000 |
| Queensland – other | $450,000 | $550,000 |
| Western Australia – capital city | $500,000 | $600,000 |
| Western Australia – other | $400,000 | $450,000 |
| South Australia – capital city | $500,000 | $600,000 |
| South Australia – other | $350,000 | $450,000 |
| Tasmania – capital city | $500,000 | $600,000 |
| Tasmania – other | $400,000 | $450,000 |
| Australian Capital Territory | $500,000 | $750,000 |
| Northern Territory | $500,000 | $600,000 |
| Jervis Bay Territory and Norfolk Island | $550,000 | $550,000 |
| Christmas Island and Cocos (Keeling) Islands | $400,000 | $400,000 |