The Albanese Labor Government is getting on with the job of helping more locals into home ownership.
Latest figures show 1,578 people in the Illawarra, Shoalhaven and Southern Highlands now have the keys to their own home, thanks to the government’s improved Home Guarantee Scheme.
A key Labor election commitment, the expanded Home Guarantee Scheme helps eligible home buyers secure finance sooner through government support.
Almost 1 in 3 first home buyers in 2022-23 were supported by the Scheme, a significant increase from the last year of the former Coalition Government.
The Home Guarantee Scheme is comprised of the First Home Guarantee, Regional First Home Buyer Guarantee and the Family Home Guarantee.
Over 27,000 people in New South Wales have benefitted from the initiative since May 2022, and more than 100,000 right across Australia.
The Albanese Labor Government is providing even more support for locals to own their home through the Help to Buy scheme, which has been introduced into Parliament.
Help to Buy 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 2 per cent deposit to buy a home.
Quotes attributable to Minister for Housing Julie Collins:
“Every day, the Albanese Government is helping more and more Australians around the country to move into their own home.
“Under Labor, the expanded Home Guarantee Scheme has already helped 100,000 people into home ownership, and with Help to Buy we will help thousands more.
“Our ambitious housing reform agenda is working across the board – more help for homebuyers, more help for renters and more help for Australians needing a safe place for the night.”
Quotes attributable to Member for Whitlam Stephen Jones:
“Since coming to government, we’ve helped more than 1,500 locals purchase their first property. Without this support, home ownership may have been unattainable for many of these people.
“This is really great news, but we know there’s more work to do. That’s why we’re rolling out our Help to Buy scheme later this year to help reduce the financial pressure on Australian’s trying to get into the housing market.”
Quotes attributable to Member for Cunningham Alison Byrnes:
“During the election, the Albanese Labor Government vowed to expand the Home Guarantee Scheme to help more Australians into their own homes, and I’m thrilled to see this become a reality with so many locals here in the Illawarra.
“We need to do all we can to help locals unlock home ownership in the Illawarra. Further support is on the way and I look forward to the introduction of the Help to Buy scheme, helping eligible buyers to purchase their first home with a deposit as little as 2 per cent.”
Quotes attributable to Member for Gilmore Fiona Phillips:
“I hear from local people all the time who feel they are priced out of the local housing market, forcing them to move out of our region – and taking their skills with them. If we are going to address our workforce challenges and keep our economy going, it is incredibly vital that our kids can afford to live and work here on the South Coast.
“I am absolutely delighted that the government’s Home Guarantee Scheme is supporting so many local first home buyers to do just that. This is just the beginning, and I am really excited to see the government’s ambitious housing agenda starting to make a difference to our community.”
