One in three first home buyers has been assisted by the Australian Government’s Home Guarantee Scheme, Housing Australia announced this week.
Housing Australia’s Home Guarantee Scheme Trends and Insights Report 2023-2024 shows that during the financial year the Home Guarantee Scheme (HGS or ‘Scheme’) supported 34% more home buyers to purchase or build their own home than in the previous financial year, with an increasing number of key workers and regional Australians participating.
The report, which covers data on the First Home Guarantee (FHBG), Family Home Guarantee (FHG) and Regional First Home Buyer Guarantee (RFHBG), found that 43,800 Scheme places were taken up.
Regional Australians comprised a significant portion of eligible home buyers utilising the Scheme, with over 18,000 regional Australians supported including over 13,000 people accessing the RFHBG.
An additional survey conducted with participants found that 42% of individuals bought their homes after renting in regional areas for approximately two years or more.
Key workers were also active participants of the Scheme, with over 11,300 key workers buying in 2023-24. The majority of these were nurses, teachers and social workers who were supported by the Scheme to secure stable housing located near their place of work.
The highest participation in the Scheme in 2023-24 was in Victoria, followed by Queensland and Western Australia, with the top three areas for homebuyers consisting of Hoppers Crossing, Craigieburn and Cardinia in Victoria. The median national purchase price under the Scheme was approximately $455,000 for single borrowers and $600,000 for joint borrowers.
The effectiveness of the HGS goes beyond assisting eligible home buyers enter home ownership sooner, as almost 1 in 5 of home buyers have already transitioned out of the Scheme, after an average of two years within the Scheme.
Housing Australia suggests this demonstrates the Scheme is acting as an effective temporary mechanism in the home ownership journey.
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