Homebuyer scheme expected to double with the new federal budget

By Maria Gil · · 1 min read
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The government’s home buyer scheme is expected to double to 50,000 places a year with the 2022 Federal Budget.

The scheme aims to make it easier for eligible first time home buyers and single parents to own their own homes, with government guarantees on home loan deposits as low as 5% or 2% respectively.

Starting from July, the number of homes under the program will increase to 35,000. There will also be a 10,000 regional home guarantee boost to be offered each year from October to July 2025.

Many members of the government including Prime Minister Scott Morrison have acknowledged how difficult it has become to buy a home nationwide. Hence wanting to give Australians different opportunities to finally buy a house.

According to NAB’s personal banking executive, Rachel Slade, the schemes have helped thousands of people to purchase their homes earlier than expected, 

“Price growth has made it more challenging for many Australians to enter the housing market, which is why support measures such as these are so important,” says Slade.

With the expansion of the home buyer schemes, it might be time to start looking at our home loan resources page for more home loan guides and tips, as well as our range of handy calculators.

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Last updated 14 September 2024 Important disclosures and comparison rate warning*

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