By Mina Martin
Hundreds of Australian families will have a new home this new year after the Albanese government brought forward the launch of the Regional First Home Buyer Guarantee, which aims to support eligible first-home buyers into homeownership sooner.
Since the guarantee’s launch on Oct. 1, nearly 1,200 Australians have already been able to buy a new home in regional Australia with help from the government. This comes amidst some of the largest drops in housing affordability in regional areas, which made it increasingly hard for locals to save a sufficient deposit.
Under the initiative, eligible first-home buyers can get up to 15% of government guarantee, so regional Australians with a deposit of as little as 5% can avoid paying lenders’ mortgage insurance.
Last month, the government published draft legislation to create the $10 billion Housing Australia Future Fund, Housing Australia, and the National Housing Supply and Affordability Council.
Returns from the Housing Australia Future Fund will deliver the government’s commitment of 30,000 new social and affordable homes in the fund’s first five years, including 4,000 homes for women and children impacted by family and domestic violence or older women at risk of homelessness.
An interim National Housing Supply and Affordability Council commenced on Jan. 1 to start delivering immediate advice to government. This will operate until the council is established permanently in legislation.
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