Member for Robertson Gordon Reid says the Federal Government’s Home Guarantee Scheme has helped more than 1,500 people on the central Coast into their first home since May 2022.
More than 100,000 people nationwide have taken advantage of the expanded scheme, which helps eligible homebuyers secure finance sooner through government support.
“The Federal Labor Government wants to see more Australians able to buy their first home,” Reid said.
“I am pleased that our housing policies are making a real difference for thousands of Australians, especially for 1,578 people living on the Central Coast who have been able to buy their first home thanks to our government’s help.
“Housing affordability will continue to be an important focus of the Federal Labor Government.”
Almost one in three first homebuyers in 2022-23 were supported by the scheme, a significant increase from the last year of the former Liberal Government.
The Home Guarantee Scheme comprises the First Home Guarantee, Regional First Home Buyer Guarantee and the Family Home Guarantee.
The Government introduced the new Regional First Home Buyer Guarantee three months ahead of schedule in October 2022 and has assisted more than 15,000 people across regional Australia into home ownership.
The Government has also expanded eligibility of the Home Guarantee Scheme.
Since July last year, the First Home Guarantee and Regional First Home Buyer Guarantee have been open to joint applications with friends and family members, not just single, married or de facto applicants.
The Family Home Guarantee has been expanded from single natural or adoptive parents with dependants to eligible borrowers who are single legal guardians of children, such as aunts, uncles and grandparents.
The Help to Buy scheme, due to start later this year following the passage of state legislation, will support eligible homebuyers with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes – with eligible buyers needing as little as a two per cent deposit to buy a home.
Minister for Housing Julie Collins said the Government’s ambitious housing reform agenda was working across the board, with “more help for homebuyers, more help for renters and more help for Australians needing a safe place for the night”.