Since the launch of the Federal Government’s low deposit loan guarantee scheme in 2020, over 19,000 buyers have successfully transitioned out of the program, demonstrating the scheme’s effectiveness in supporting home ownership. According to Housing Australia’s latest Trends & Insights Report, 63% of participants are ahead on their mortgage repayments, with only 0.1% of loans under the scheme in arrears.
Jennifer Chew, Chief Program Officer of Home Ownership, highlights the impact: “The scheme has helped support thousands of eligible home buyers to enter the market.”
In the past financial year alone, nearly a third of first-home buyers nationwide (58,000 buyers) utilized the scheme. Victorians lead in usage, making up 28% of all participants, with popular areas being Hoppers Crossing, Craigieburn, and Cardinia. Queensland and Western Australia also show strong uptake, representing 24% and 15% of users, respectively.
This program continues to be a valuable resource for first-home buyers looking to take their first step into the property market. If you’re considering your own path to home ownership, this could be an excellent opportunity for you.
