Homebuyer scheme expected to double with the new federal budget

cheerful woman holds key infront of her new house

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.

Home loan comparisons on Mozo

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Last updated 19 June 2024 Important disclosures and comparison rate warning*
  • Basic Home Loan

    • Owner Occupier
    • LVR 90-95%
    • Principal & Interest
    Interest rate
    7.19 % p.a.
    Variable
    Comparison rate
    7.22 % p.a.
    Initial monthly repayment
    $4,747
    Go to site

  • Basic Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR 80-95%
    Interest rate
    6.75 % p.a.
    Fixed 3 years
    Comparison rate
    7.09 % p.a.
    Initial monthly repayment
    $4,540
    Go to site

    Get a flexible loan structure with up to six loan accounts with different rate types. Make free extra repayments. Enjoy free redraw facility. No upfront or ongoing fees. Option to earn Qantas points.

  • Basic Home Loan

    • Owner Occupier
    • LVR 90-95%
    • Principal & Interest
    Interest rate
    7.19 % p.a.
    Variable
    Comparison rate
    7.22 % p.a.
    Initial monthly repayment
    $4,747
    Go to site

  • Offset Home Loan

    • Owner Occupier
    • LVR 90-95%
    • Principal & Interest
    Interest rate
    7.19 % p.a.
    Variable
    Comparison rate
    7.43 % p.a.
    Initial monthly repayment
    $4,747
    Go to site

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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

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