This article is from the Australian Property Journal archive
THE federal government’s Home Guarantee Scheme (HGS) has now seen 100,000 Australians purchase or build their own home.
Administered by the NHFIC, HGS commenced over three years ago in an initiative to support eligible home buyers, including first home buyers, single parents and regional Australians enter the increasingly inaccessible property ladder.
The HGS comprises the First Home Guarantee (FHBG), the Family Home Guarantee (FHG) and the Regional First Home Buyer Guarantee (RFHBG) and is currently available through 32 participating lenders.
“This is a wonderful milestone in the delivery of the Home Guarantee Scheme. We are pleased to have supported 100,000 Australians into housing,” said Nathan Dal Bon, CEO at NHFIC.
“As a Government organisation, we support Australians across the housing spectrum from those renting in community housing, through to Australians with the goal of homeownership. We look forward to helping more Australians over the coming years into homes sooner under the Scheme.”
Regional areas in particular have shown strong levels of demand for the scheme, with 34,000 regional Australians supported by across the guarantees so far.
One in five of those supported were key workers, including more than 6,700 teachers, 5,000 nurses and nearly 3,500 social workers.
“Thanks to the ongoing support of our Participating Lenders, we are proud to have helped 100,000 Australians into homes,” said Jennifer Chew, chief program offices of HGS at NHFIC.
“NFHIC has an authorised panel of 32 Participating Lenders that offer the Home Guarantee Scheme to home buyers. We look forward to continuing to work with our lenders and their broker networks to help more Australians into homes.”
The federal government recently announced plans to expand the eligibility criteria of the Home Guarantee Scheme, effective 1 July 2023.
With all three schemes in the scheme to become eligible to borrowers who are Australian Permanent Residents, in addition to Australian citizens.
While joint applications to the First Home Guarantee and Regional First Home Buyer Guarantee will be extended to Friends, siblings, and other family members, beyond the previous limits of married or de-facto relationships.
As well as to non-first home buyers who haven’t owned a property in Australia in the last ten years.
The Family Home Guarantee is also expanding, with borrowers who are single legal guardians of children such as aunts, uncles and grandparents now eligible.
