Key workers and regional Australians among the significant beneficiaries
One in three first-home buyers in 2023-24 were supported by the Home Guarantee Scheme (HGS), with 43,800 scheme places taken up during the financial year, according to Housing Australia.
The independent national housing authority has released its Home Guarantee Scheme Trends and Insights Report 2023-24, revealing key data on the First Home Guarantee (FHBG), Family Home Guarantee (FHG), and Regional First Home Buyer Guarantee (RFHBG).
The report found that more than 18,000 regional Australians accessed the HGS, with over 13,000 of them participating through the Regional First Home Buyer Guarantee. A survey of participants showed that 42% of buyers had rented in regional areas for two years or more before purchasing a home.
Key workers, including nurses, teachers, and social workers, accounted for over 11,300 home purchases through the scheme. These workers, many of whom secured housing close to their workplaces, were significant beneficiaries in 2023-24.
Victoria saw the highest participation in the scheme, followed by Queensland and Western Australia. The most active areas for home buyers were Hoppers Crossing, Craigieburn, and Cardinia, all located in Victoria. Nationally, the median purchase price under the scheme was about $455,000 for single borrowers and $600,000 for joint borrowers.
The report also highlighted the Home Guarantee Scheme’s role as a temporary aid for home buyers, with nearly 20% of participants exiting the program after an average of two years, indicating that the scheme helps buyers build equity and move on from government support.
“It is incredibly rewarding to witness the Home Guarantee Scheme empower households to achieve the dream of homeownership sooner across Australia,” said Jennifer Chew (pictured above), chief program officer of homeownership at Housing Australia.
“Amid rising living costs and housing affordability challenges, the Home Guarantee Scheme has supported thousands of eligible home buyers to navigate the market and achieve homeownership sooner. The strength of the scheme is further demonstrated by the number of participants that have transitioned out of the scheme due to equity built up.”
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