From 1 July, 40,000 new places under the Federal Government’s Home Guarantee Scheme (HGS) will become available to help Australians to buy their own home.
The Home Guarantee Scheme comprises the First Home Guarantee (FHBG), previously known as the First Home Loan Deposit Scheme, and the Family Home Guarantee (FHG).
The number of places available through the First Home Guarantee increases from 10,000 to 35,000 per financial year, while the Family Home Guarantee will have an annual allocation of 5,000 places from 1 July 2022 until 30 June 2025.
The Home Guarantee Scheme, which is administered by the National Housing Finance and Investment Corporation (NHFIC), has helped more than 61,000 Australians purchase, or build a home.
NHFIC anticipates making 50,000 new Scheme places available to eligible homebuyers in the year ahead, including 10,000 places in the Australian Government’s announced Regional First Home Buyer Support Scheme.
Under the First Home Guarantee, an eligible first homebuyer can purchase a property with a deposit of as little as five per cent, while through the Family Home Guarantee a single parent with dependents can purchase a home with a deposit of as little as two per cent.
To provide homebuyers with greater access to the property market, Scheme property price caps have increased for both cities and regions. From 1 July, the panel of lenders offering the Scheme expands to 32 lenders offering homebuyers broader choice.
NHFIC welcomes the increase of Home Guarantee Scheme places by the Australian Government. As an organisation, we support Australians across the housing spectrum from those renting in community housing, through to Australians with the goal of homeownership. We expect many more Australians to be able to bring forward buying a home under the expanded Scheme.
NHFIC CEO Nathan Dal Bon.
For more information on the Scheme, contact a participating lender or visit the NHFIC website.