Home Guarantee Scheme helps hundreds of Coasties

More than 1,800 people on the Central Coast have been helped into their own home thanks to the Federal Government’s expanded Home Guarantee Scheme.

Member for Robertson, Dr Gordon Reid, said 200,000 Australians had benefitted from the scheme, including more than 1,843 on the Central Coast and 56,349 across NSW.

He said while people were still under the pump with housing pressures, Labor was helping Australians build their future with a home of their own.

Under the Home Guarantee Scheme, a portion of an eligible homebuyer’s home loan is guaranteed by Housing Australia, enabling them to buy a home with as little as a 5% deposit while avoiding Lenders Mortgage Insurance, which in some cases can be tens of thousands of dollars.

The latest Home Guarantee Scheme Trends and Insights Report found that one in three first home buyers took up the Scheme in 2023/2024 and that it has helped a range of participants get into a home sooner.

More than 50% of eligible buyers were women and more than 50% were under the age of 30.

Of the 200,000, eligible participants totalling 67,000 acquired homes in regional areas and 40,000 were key workers, including nurses, teachers and social workers.

“Labor is building Australia’s future, and I want to help my local community build their futures with a home of their own – that’s why I’m so excited about the success of this scheme,” Reid said.

“Not enough people know about this scheme, and for eligible participants, it makes the 20% deposit a thing of the past.

“You can get into your own place with a deposit as low as 5%, you can team up and can buy with siblings and friends too.
“So head to the Housing Australia website to see what’s available.”