More than 50,000 homebuyers enter the market under Home Guarantee Scheme

More than 50,000 Australians have taken up a place under the Coalition Government’s Home Guarantee Scheme.

Under the Home Guarantee Scheme – comprising of the Family Home Guarantee, the First Home Loan Deposit Scheme, and the New Home Guarantee – 52,888 Australians have purchased a home or reserved a place under the scheme since 1 January 2020.

Assistant Treasurer and Minister for Housing Michael Sukkar said the number of Australians on their way to owning their own homes was an incredible outcome.

“The First Home Loan Deposit Scheme and the New Home Guarantee have been very successful since their commencement, with more than 50,000 Australians using the scheme to enter the housing market since 1 January 2020,” Minister Sukkar said.

“First homeowner numbers are at their highest levels in nearly 15 years. The Government’s Home Guarantee Scheme helps overcome the challenges of saving for a deposit, and has played a huge part in opening up the housing market to even more Australians.

“From July 1 this year, 30,000 additional places were made available under the Home Guarantee Scheme, and 12,251 of those placed have already been taken up.

The newly established Family Home Guarantee enables single parent to purchase a home with a deposit of as little as 2 per cent. The First Home Loan Deposit Scheme and New Home Guarantee programs are specifically designed to support first home buyers purchase a home with a deposit of as little as 5 per cent.

“The number of new homeowners is particularly encouraging among single parents, given the challenges of saving a deposit while on a single income and raising children,” Minister Sukkar said.

“The demand from single parent families now able to get into a house though the Home Guarantee Scheme has been simply remarkable. In the first three months, 1,236 places under the Family Home Guarantee have already been taken up, which has exceeded all expectations.

“The Family Home Guarantee is the first ever government scheme in Australia targeted at helping single parents enter or re‑enter the housing market. It is especially pleasing to see that of the places taken up by single parents under the scheme, 84 per cent were single mums looking to provide the security of homeownership for their children.

“Through the Government’s Home Guarantee Scheme, we are helping more homebuyers and single parent families realise the great Australian dream of owning your own home.”

Nicole is a single mum living in Canberra who said that, without the scheme, she would not have been able to save a deposit for a house.

“With the amount of rent we were paying we were never going to be able to save enough for a deposit the Family Home Guarantee has given us the ability to buy without having to try and come up with a huge deposit,” Nicole said.

“Renting has a level of fear in that each we were scared that our lease would not be renewed or that the owner might sell from under us. We finally have a place that is ours!

“It has given me, a single parent, the ability to be able to purchase a place that is our home.”

Intended purchase location data presently shows the following amount of guarantees have been secured in each state and territory since July 1 2021*:

*Applicants do not need to formally indicate their intended purchase location until settlement