Prime minister Scott Morrison has announced the federal government will provide support to almost 5000 first home buyers under the Home Guarantee Scheme this year.
Visiting Geelong last week with housing minister Michael Sukkar and Liberal Corangamite candidate Stephanie Asher, Mr Morrison announce the scheme would reissue up to 4561 unused guarantees for first home buyers from the 2020-21 financial year.
“We want more first home buyers to get into the place of their dreams,” Mr Morrison said.
“The pandemic and lockdowns have interrupted the plans of many home buyers this year, so this is about ensuring we give thousands more families the opportunity they need.
“We want to help Australians into their first home or a home that they’ve had built for them and their family, and with our support first home buyers are at their highest level in nearly 15 years.”
The Home Guarantee Scheme includes three different guarantees that help first home buyers and single parent families buy or build their own homes by reducing the deposit needed.
More than 39,000 homes have been taken up under the guarantee since the start of 2020, including 577 in Greater Geelong.
Locally, there have been 446 properties bought using the First Home Loan Deposit Scheme, which guarantees 15 per cent of the home loan, allowing first homebuyers to make a five per cent deposit without having to pay lenders mortgage insurance.
There were 127 houses built under the New Home Guarantee, which includes the same guarantee for new homes.
Four properties have been bought under the Family Home Guarantee, which is directly aimed at single parents with dependent children and allows for just a two per cent deposit.
“With so many young people and families moving to Geelong, the Surf Coast and the Bellarine, this is about making it easier to make home ownership a reality,” Ms Asher said.
“It’s programs like this that will help even more people see the great lifestyle and opportunities our region has to offer.”
A report on the Home Guarantee Scheme released recently showed around one-in-five of the 27850 First Home Loan Deposit Scheme guarantees issued went to essential works, and more than half went to women.
Almost three-fifths of all buyers under the scheme were under 30.
The report also found the scheme helped homebuyers bring their house purchases forward by an average of four years.
