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The dawn of the new financial year has brought with it an expansion of the Home Guarantee Scheme, with the Albanese government announcing thousands of new places today (1 July).
From 1 July 2022, the program will be expanded so that each financial year, there will be 35,000 places to support first home buyers to purchase a home with as little as a 5 per cent deposit and 5,000 places to assist single parents with dependants to purchase a home with as little as a 2 per cent deposit.
The update will also see property price caps increase to align greater with the rise in property prices, making more properties available under the scheme. This change will see the property price cap in NSW’s capital and regional centres rise by $100,000 to $900,000, among other changes.
Additionally, the Labor government has also come out and declared they would implement targeted support to Australians in regional areas through the Regional First Home Buyer Support Scheme, with more details on this plan expected in the near future.
The federal government has also announced its plans to introduce a range of policies that will help more Australians enter home ownership, as well as provide more social and affordable housing.
These include:
- The $10 billion Housing Australia Future Fund, which hopes to build 30,000 social and affordable homes during its first five years;
- The Help to Buy scheme;
- Creating a National Housing Supply and Affordability Council; and
- Developing a new National Housing and Homelessness Plan.
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