Local Media

EXPANSION OF THE HOME GUARANTEE SCHEME

July 04, 2022

The Albanese Government is helping more people across Ipswich, the Somerset Region and Karana Downs area into home ownership by expanding the Home Guarantee Scheme.

Federal member for Blair, Shayne Neumann said that the Scheme has been included 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 1 July 2022 updated property price caps now apply, reflecting recent increases in property prices and to make more properties available for purchase using the Scheme,” Mr Neumann said.

“That means local first home buyers will be supported to purchase a home up to $700,000 for as little as five percent deposit.

“Single parents will be supported with as little as two per cent deposit to purchase their first home.”

In addition, 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.

“Last year, regional house prices jumped by 26 per cent on average and in Ipswich it was almost 28 per cent.

“With house prices having skyrocketed and a sharp drop in affordability, first home buyers in regional areas like Ipswich and the Somerset Region need and deserve their own dedicated scheme to support them to buy a home. 

“To get the benefit of this scheme, applicants need to have lived in our community for at least the previous 12 months.”

The Regional First Home Buyer Support Scheme will help first home buyers get into a house sooner with a deposit of just 5 per cent without the need to pay Lenders Mortgage Insurance, saving locals thousands of dollars.

“In Ipswich and the Somerset Region eligible first home buyers could save up to $13,384 on mortgage insurance.

“These are part of a suite of policies that will make it easier for local people 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.

Further information on the Home Guarantee Scheme, including eligibility criteria and the full list of participating lenders, is available from the National Housing Finance and Investment Corporation website.

 

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