Government reissues unused guarantees for first home buyers

  • By Zilla Efrat

Up to 4,651 extra first home buyers are set to benefit under the Home Guarantee Scheme this year, according to the government.

The scheme helps first home buyers and single-parent families get into their own homes sooner with a deposit of as little as five per cent or two per cent respectively.

In a statement yesterday, Prime Minister Scott Morrison said the scheme would reissue up to 4,651 unused guarantees for first home buyers from the 2020/21 financial year who hadn’t had an opportunity to purchase their first home, because of reasons such as COVID-19 disruptions.

“The pandemic and lockdowns have interrupted the plans of many homebuyers this year, so this is about ensuring we give thousands more families the opportunity they need,” he said.

Commonwealth Bank welcomed the announcement of the additional places made available to first home buyers over the coming weeks.

NAB group executive Personal Banking, Rachel Slade, noted that NAB had seen first-hand how the scheme had helped thousands of Australians purchase a home earlier than they thought possible.

“Customer interest has been beyond our expectations from day one,” she said. “This year’s price rises have made it more challenging for many Australians to enter the housing market, which is why support measures such as these are so important.”