Implement a deposit guarantee policy for first home buyers
The Federal Government has set the start date for a key new support measure for first home buyers living in the regions.
Minister for Housing and Homelessness Julie Collins has announced the Region’s First Home Buyer Guarantee will begin on 1 January, but will now start from 1 October.
“It means eligible first home buyers in regional Australia will be able to buy their own home with just a 5% deposit, with government support covering the remainder [trong số 20% tiền đặt cọc],” Ms. Collins said.
Soaring demand and dwindling supply have caused property prices to explode in regional Australia, in some cases higher than in capital cities.
The rental crisis, which has pushed desperate tenants to the brink, is particularly pronounced in each region.
“Australians have faced the biggest decline in housing affordability, making it increasingly difficult for local people to save up a deposit,” Ms Collins said.
“This targeted support is a key part of our ambitious plan to tackle the housing crisis we have taken on.”
The Commonwealth’s long-term focus is on a range of systemic reform measures that will have a meaningful impact on supply, support and affordability, Ms Collins said.
But to start, she said the priority is to deliver on election pledges from the start, especially those aimed at making home ownership easier – and faster.
Undertakings such as shared equity schemes, which would see the government take a stake in homes, need to be legislated first.
From October 1, the First Home Buyers Guarantee will be open to Australians buying their first home outside a capital city and who can prove they have lived in the area for at least 12 months.
Singles earning up to AUD 125,000 and couples earning up to AUD 200,000 are eligible to apply.
You can buy many types of real estate, including existing houses, apartments or townhouses, land packages and land with contracts to build private houses.
There are different property purchase price limits depending on the area. A postcode search tool is available to look up limits for each location.
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