Homebuyer scheme expected to double with the new federal budget

By Maria Gil · · 1 min read
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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 - last updated 9 December 2023

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  • Mozo Expert Choice Badge
    Variable Home Loan 90

    Principal and Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.04% p.a. variable
    6.06% p.a.

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required. Advertised rates include Nov RBA rate increase. T&Cs apply.

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  • Mozo Expert Choice Badge
    First Home Buyer Loan Special

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.64% p.a. variable
    6.67% p.a.

    A low variable rate loan for home buyers. No establishment or ongoing fees to pay. 100% offset account included. Allows for unlimited repayments, redraws and flexible repayment options.

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  • Basic Home Loan Special Offer

    Owner Occupier, Principal & Interest, LVR 80-95%

    interest rate
    comparison rate
    Initial monthly repayment
    6.69% p.a. variable
    6.70% p.a.

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  • FHBG Special Offer Classic Home Loan

    interest rate
    comparison rate
    Initial monthly repayment
    6.24% p.a. variable
    6.26% p.a.

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  • Basic Variable Home Loan

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    5.94% p.a. variable
    5.99% p.a.

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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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