First-time home buyers offered more hope with extended home warranty program

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The industry has been quick to show its support for the extension of the Federal Government’s Home Guarantee Scheme, which will see the opening of 40,000 new places for all ambitious homebuyers in Australia.

The Home Guarantee Scheme includes the First Home Guarantee, formerly known as the First Home Loan Deposit Scheme, and the Family Home Guarantee.

The number of places available through the Première Habitation Guarantee has increased from 10,000 to 35,000 per fiscal year, while the Family Home Guarantee now has an annual allocation of 5,000 places from July 1, 2022 to June 30, 2025.

Under the First Home Guarantee, an eligible first home buyer can purchase a property with a down payment of as little as 5%, while under the Family Home Guarantee, a single parent with dependents can buy a house with a down payment of as little as 2%. .

HIA’s chief industrial policy officer, Kristin Brookfield, said the guarantees offer help to Australians looking to buy their first home, acknowledging that saving for a deposit is the biggest barrier to home ownership .

HIA’s chief industrial policy officer, Kristin Brookfield, said the guarantees offered help to Australians looking to buy their first home.

“With the current cost pressures on households, a first-time home buyer faces years to save a down payment and during that time they risk being shut out of the market.

“Since its inception, HIA has strongly supported the Home Guarantee Scheme and its administration by the National Housing Finance and Investment Corporation (NHFIC).”

To date, the program has helped over 61,000 Australians settle into their own homes.

Ms Brookfield said the HIA had always maintained that owning a home was the best form of financial and personal security a person could have.

“The award released today moves the scheme from its original pilot phase to a well-accepted part of the Australian homebuying landscape.

“Since its launch, it’s been clear that a real problem is being solved and, more importantly, thousands of Australians have been helped to buy their first home.”

The NHFIC plans to make 50,000 new places in the program available to eligible homebuyers over the coming year, including 10,000 places in the new regional first-time homebuyer support program.

HIA research earlier this year showed that 85% of renters in Australia aspired to own their own home, but only 49% believed the dream was achievable.

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