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Marking the next phase of the Albanese Labor government’s $32 billion Homes for Australia plan, 50,000 new places have been made available under the Home Guarantee Scheme from 1 July 2024.
The new places are split across three of the government’s guarantee schemes, which include:
• 35,000 new places under the First Home Guarantee Scheme.
• 10,000 new places under the Regional First Home Buyer Guarantee.
• 5,000 new places under the Family Home Guarantee.
The Albanese government also announced other housing reforms beginning this financial year that include the new $9.3 billion five-year National Agreement on Social Housing and Homelessness as well as funding from the $10 billion Housing Australia Future Fund (HAFF) to begin flowing through, which aims to support 30,000 social and affordable rental homes in the first five years.
Minister for Housing and Homelessness Julie Collins MP said: “Building more homes is the best way to address Australia’s housing challenges.
“That’s why the reforms which kick off today are so critical, including the ambitious national target to build 1.2 million homes across the country by the end of the decade.
“Our ambitious housing reform agenda is backed‑up with $32 billion to help build the homes that Australia needs.”
Reacting to the announcement, the Housing Industry Association’s CEO, industry & policy, Simon Croft, said the release of 50,000 new places is “an important boost for aspirational home buyers in Australia”.
“Under the First Home Guarantee, an eligible first home buyer can purchase a property with a deposit of as little as 5 per cent, while through the Family Home Guarantee a single parent with dependents can purchase a home with a deposit of as little as 2 per cent,” Croft said.
“The Guarantees offer help to those Australians looking to buy their first home, recognising that saving for a deposit is the largest obstacle to achieving home ownership.
“With the current cost pressures on households, a first home buyer is facing years to save a deposit and in that time they risk being priced out of the market.”
Croft noted a recent analysis of the Home Guarantee Scheme from FY22–23 that found that around 10,860 (or more than one-third of all guarantees) were issued to regional buyers, up from around 7,390 in 2021–22.
“It also showed an increasing proportion of younger buyers participated in the Scheme each year since its inception. More than half of all places under the Scheme, in 2022–23, were taken up by people under the age of 30,” he said.
[RELATED: Home Guarantee Scheme reaches new milestone]
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