HIA welcomes home ownership scheme expansion a boost for first home buyers

THE Housing Industry Association (HIA) has welcomed yesterday's announcement to bring forward the start of the expanded Federal Government Home Guarantee Scheme to October 1.

"This promises to open doors for more people and is an important boost for aspirational home buyers in Australia,”  HIA managing director Jocelyn Martin said.

“This will make homeownership more accessible to those who may have previously been locked out of the market and something HIA successfully advocated for in lead up to this year’s election.

“Since its inception, HIA has been strongly supportive of the Home Guarantee Scheme. To date the scheme has helped more than 210,000 Australians get into a home of their own," she said.

“Previously the scheme has been capped at 50,000 new places each year, but today’s announcement will mean there are no caps or income limits and property prices have been adjusted in line with average house prices in both metropolitan and regional areas.

“This will mean more Australians can access the scheme and get into housing sooner," Ms Martin said.

“Under the First Home Guarantee, an eligible first home buyer can purchase a property with a deposit of as little as five percent.

“The guarantee offers help to those Australians looking to buy their first home, recognising that saving for a deposit is the largest obstacle to achieving home ownership.

“With the current cost pressures on households, a first home buyer is facing years to save a deposit and in that time they risk being priced out of the market.

”Recent analysis of the scheme shows that more than one third of all guarantees were issued to buyers in regional areas. It also showed an increasing proportion of younger buyers participated in the scheme each year since its inception highlighting its importance to a broad range of Australian’s.

“HIA has always maintained that owning your own home is the best form of financial and personal security a person can have. The expanded Home Guarantee Scheme goes a long way to helping that dream become a reality,” Ms Martin said.

www.hia.com.au

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