The Home Guarantee Scheme (HGS), managed by Housing Australia, has marked a significant milestone, supporting more than 150,000 Australians in purchasing or constructing their homes since its inception in January 2020.
HGS collaborates with participating lenders to facilitate loans for eligible home buyers who may not have the typical 20% deposit required for a home loan. The scheme provides a guarantee to the lender, allowing buyers to purchase a home without the need for Lenders Mortgage Insurance.
The scheme encompasses the First Home Guarantee (FHBG), Family Home Guarantee (FHG), and the Regional First Home Buyer Guarantee (RFHBG), offering support through 33 participating lenders.
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Nationwide success of the Home Guarantee Scheme
The HGS has seen enthusiastic reception nationwide, benefiting a broad demographic, including key workers and residents of regional Australia.
The scheme has supported more than 27,000 key workers, including 8,800 teachers, 7,200 nurses, and 1,700 emergency service workers. Additionally, it has aided around 51,900 regional Australians, with women making up 51% of the participants and 55% under the age of 30.
Since its expansion in July, the scheme has also supported more than 9,000 permanent residents, with groups such as siblings and friends jointly purchasing homes.
“We are honoured to have had the opportunity to help 150,000 Australians into homes,” said Jennifer Chew, chief program officer of HGS.
Nathan Dal Bon (pictured above), CEO of Housing Australia, expressed pride in the scheme’s growth and effectiveness.
“This is a significant milestone for Housing Australia and the Home Guarantee Scheme," he said.
The program initially started with 10,000 places and has grown significantly in both scale and scope, reflecting its success in making home ownership accessible for many Australians.
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