RESIDENTIAL PROPERTY
WITH heightened interest rates straining housing affordability, the share of Australian first home buyers utilising the Home Guarantee Scheme has more than doubled.
According to the fourth annual Home Guarantee Scheme (HGS) Trends & Insights Report by the NHFIC, nearly one-in-three first home buyers over 2022-23 were...
The HGS Trends & Insights Report looks at data on the First Home Guarantee (FHBG), Family Home Guarantee (FHG) and Regional First Home Buyer Guarantee (RFHBG) for...
Following the government’s expansion of places available in the scheme, the number of guarantees issued in 2022-23 increased significantly...
“The report demonstrates how each year the Scheme is helping more Australians, including key workers and those living in regional areas, buy their own home sooner...
Launched in October 2022, the new RFHBG, saw around 10,860 (or more than a third of all HGS guarantees) issued to buyers in regional areas in 2022-23, up from around 7,390 in 2021-22...
The number of younger buyers participating in the scheme has been increasing each year, with more than half of all places under the FHBG and RFHBG in...
This is up from around one third in the first year of the scheme’s operation (2019-20). Interest from first home buyers aged 18-24 increased to around 14% of...
The amount of key works utilising the scheme has also increased, with around 7,721 guarantees issued to key workers in 2022-23, up 37% from 5,650 in 2021-22...
More than 12% of total guarantees issued to date, or more than 9,700 households, have transitioned out of the scheme, with most of these households...
“It’s great to see so many Australians have been helped into home ownership through the Albanese Government’s expanded Home Guarantee Scheme,”...
“I’m pleased our expanded Home Guarantee Scheme is helping key workers find a secure place to call home. It’s also great that so many young people have...
“We’ll keep working to ensure more Australians have a safe and affordable place to call home including the introduction of Help to Buy, which will join the...
Arrears under the scheme are also low, at less than 0.1%, and below market benchmarks for high LVR lending...
Though arrears may rise in line with the broader market trends, due to the macroeconomic environment...
“The broader macroeconomic environment with rapidly rising interest rates has substantially decreased mortgage serviceability with flow on...