Knowledge Centre

How the Federal Government is helping first home buyers

30/10/2023

A new report from Housing Australia has revealed that about one in three of all first home buyers in the 2022-23 financial year used the Federal Government’s Home Guarantee Scheme (HGS) and its three different assistance programs.

Here’s what the typical participant looked like, according to Housing Australia:

1. First Home Guarantee: the median participant was in the 30-34 age bracket, had a household income of $76,000 and bought a property worth $459,000.
2. Regional First Home Buyer Guarantee: participants were aged 25-29, earned $71,000 and bought a $389,000 home.
3. Family Home Guarantee (for single parents): participants were aged 35-39, earned $70,000 and bought a $422,000 home.

Meanwhile, Housing Australia is the name of the new agency that has just replaced the National Housing Finance and Investment Corporation and assumed its responsibilities.

Housing Australia has not only taken control of the HGS, but also the National Housing Infrastructure Facility, which provides loans and grants for critical infrastructure to unlock and accelerate new housing supply.