Budget 2022-2023 – Home Ownership in reach for more Australian’s

The Government announced to do more to help ease entry barriers, putting home ownership in reach for more Australian’s.

Key Points:

  • The Government will be expanding the Home Guarantee Scheme for eligible home buyers to 50,000 places per year;
  • New Home Guarantee will run for a second year, enabling first home purchasers to build a new home or purchase a newly built home with a 5% deposit;
  • First Home Loan Deposit Scheme will be available to 10,000 more eligible applicants, requiring a 5% deposit to secure a home;
  • New Regional Home Guarantee will be established to 10,000 places for eligible applications to purchase or build new homes in regional Australia with 5% deposit;
  • Number of places under Family Home Guarantee aimed at supporting single parents with dependent children in purchasing a family home, is said to be doubled;
  • First Home Super Scheme to help boost savings for the first home, building a deposit within superannuation and providing a tax cut