A quarter of borrowers have failed to find housing under the Home Guarantee Scheme
The federal government has announced that it will reissue 4,600 unused grants to first-time homebuyers – taking the “refresher to a new level.”
This includes both the Family Home Guarantee Scheme and its New Home Guarantee Scheme – aimed at helping single-parent families and first-time home buyers, respectively.
The government has said it will reissue its unused collateral to help first-time homebuyers and single parents buy homes with deposits as low as five and two percent respectively.
Up to 4,651 guarantees not used as of the 2020/21 financial year will be available to buyers who have not yet had the opportunity to acquire their first home.
This means that of the 20,000 places available, nearly a quarter of beneficiaries have not been able to find accommodation.
This is more than the last reissue, in which 18% of the First Home Loan Deposit Scheme places remained unused.
Prime Minister Scott Morrison has said the government wants more first-time homebuyers to access the place of their dreams.
“The pandemic and lockdowns have disrupted the plans of many homebuyers this year, so it’s about ensuring that we give thousands of more families the opportunity they need, ”Mr. Morrison said.
“We want to help Australians buy their first home or a home they’ve built for themselves and their family, and with our support, first-time home buyers have been at their highest level for almost 15 years.”
Shadow Housing and Homelessness Minister Jason Clare has said that suggesting an additional 4,651 homebuyers will benefit is taking “Christmas gifts to a whole new level.”
“These are not new places – these are places on the 20,000 cap initially announced for the year – that have been offered,” Mr. Clare told Savings.com.au.
“It’s harder than ever to buy in Australia. Australians need more help buying a home, no more lies from Scott Morrison.”
Housing Minister Michael Sukkar said more than 300,000 Australians have been helped homeownership by pairing HomeBuilder and the world’s first super home saver program.
This includes over 60,000 Australians who have been helped by the Home Guarantee Scheme.
“The Morrison government will continue to provide Australians who have this aspiration to go and buy a house, the opportunity to go and get it,” Sukkar said.
Buying a home or looking to refinance? The table below shows home loans with some of the lowest interest rates on the market for homeowners.
|Rate type||Gap||Redraw||Ongoing charges||The initial costs||LVR||Lump sum reimbursement||Additional refunds||Pre-approval|
|FEATUREDLIMITED TIME OFFER|
Smart Booster real estate loan at variable discount rate – 2 years (LVR
|FEATURED100% FULL ACCOUNTNO APPLICATION FEES OR CURRENT FEES|
Low rate home loan – Premium (principal and interest) (owner occupied) (LVR
|FEATUREDLOCKING RATES FOR 90 DAYS|
1-year fixed real estate loan (capital and interest) (LVR
|FEATUREDREFINANCING IN MINUTES, NOT WEEKS|
Nano Home Loans Variable Owner Busy, Principal and Interest (Refinancing Only)
- Fast turnaround times, can meet a 30 day settlement
- For purchase and refinancing, minimum deposit of 20%
- No ongoing or monthly fees, add compensation for 0.10%
Image by Jaye Haych on Unsplash
The entire market was not taken into account in the selection of the above products. On the contrary, a small part of the market has been envisaged. Products from some vendors may not be available in all states. To be considered, the product and the price must be clearly published on the website of the supplier of the product. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, the Savings Media Group is associated with the Firstmac Group. To learn more about how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.