Home ownership a reality for over 150,000 Australians supported by Home Guarantee Scheme
More than 150,000 Australians have bought or built their own home over the past four years, with support from the Home Guarantee Scheme (HGS or Scheme) that is administered by Housing Australia.
The HGS is an Australian Government initiative to support eligible home buyers, including first home buyers, single parents and regional Australians, to buy a home sooner. It currently comprises the First Home Guarantee (FHBG), the Family Home Guarantee (FHG) and the Regional First Home Buyer Guarantee (RFHBG). The Scheme is available through 33 Participating Lenders.
Since inception in January 2020, there has been strong demand for the Scheme across the country, with support provided to a wide range of Australians including:
- Over 27,000 key workers, including 8,800 teachers, 7,200 nurses and 1,700 emergency service workers
- Around 51,900 people living in regional Australia
- 51% of participants are women, and 55% are under the age of 30.
In addition, since the Scheme's expansion in July 2023, over 9,000 permanent residents have been supported; and almost 500 siblings and over 180 friends have jointly purchased a home under the Scheme.
In the 12 months to March 2024, more than 1 in 3 first home buyers were supported by the Scheme compared with 1 in 10 in the Scheme's first full year of operation in FY202-21.1
Housing Australia CEO Nathan Dal Bon said, "This is a significant milestone for Housing Australia and the Home Guarantee Scheme. Housing Australia has a passionate team dedicated to delivering this Program with our participating lenders, and together they have successfully implemented multiple Scheme changes and expansions over the past four years. The Scheme has grown from 10,000 places in its first year and has now enabled over 150,000 Australians to get their foot on the property ladder and experience the safety and security of home ownership."
Housing Australia Chief Program Officer HGS Jennifer Chew said, "We are honoured to have had the opportunity to help 150,000 Australians into homes. Back in 2020, the 1st participant in the Scheme was a teacher who bought their first home in regional NSW. Since then, the Scheme has helped many more Australians to buy a home sooner, including the 150,000th participant, a single mother in Victoria who works in nursing. We look forward to continuing to work with our participating lenders and their broker networks to help many more Australians into homes."
1 ABS Lending Indicators - February 2024
Notes to Editors:
A case study of a Home Guarantee Scheme participant is available here.