Government scheme helps 763 North Coast residents buy homes

NEW data shows the Federal Government’s expanded Home Guarantee Scheme has helped 763 North Coast residents purchase their own homes with smaller deposits.

Member for Richmond Justine Elliot said the scheme allows eligible buyers to secure homes with as little as a 5 per cent deposit.

“I’m proud to be part of the Albanese Labor Government which is helping more than 750 North Coast locals get into their own,” Elliot said.

Housing Australia guarantees a portion of the home loan, enabling buyers to avoid Lenders Mortgage Insurance, which can save tens of thousands of dollars.

Since its inception in 2020, the Home Guarantee Scheme has helped more than 200,000 Australians enter the housing market, including first home buyers, single parents, and those in regional areas.

The scheme includes the First Home Guarantee, the Family Home Guarantee, and the Regional First Home Buyer Guarantee, offering support through participating lenders and mortgage brokers.

More than 193,000 people have used the scheme to buy their first home, with one in three first home buyers participating in 2023-24.

Women account for more than half of all buyers, and more than 52 per cent of participants are under 30.

Regional Australians have also benefitted, with 67,000 securing homes outside major cities, including nearly 30,000 through the Regional First Home Buyer Guarantee.

Almost 40,000 key workers, including nurses, teachers, and social workers, have used the scheme to buy a home.

The program is most popular in New South Wales, Victoria, and Queensland, with Housing Australia CEO Scott Langford describing it as a significant milestone in making home ownership more accessible.

“Right across Australia the scheme is enabling people to realise the dream of home ownership,” he said.