About one-third of first home buyers are now receiving federal government assistance, according to a new report from Housing Australia.
During the 2022-23 financial year, the Home Guarantee Scheme (which includes the First Home Guarantee, Regional First Home Buyer Guarantee and Family Home Guarantee programs) supported about one in three first home buyers, compared to one in seven the year before.
“The dramatic change is likely due to a combination of the increased number of available Scheme places in 2022–23, the widened eligibility within the Scheme and first home buyers facing a more challenging purchasing environment,” according to Housing Australia.
“During the pandemic, first home buyer activity rose to very high levels following large fiscal and monetary stimulus. In 2022–23, first home buyers as a proportion of lending was around long-run average levels.”
The Home Guarantee Scheme is very helpful for first home buyers, but eligibility criteria apply. Consult a mortgage broker to find out if you qualify.
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