The Australian government will bolster the Home Guarantee Scheme by reissuing 4651 unused guarantees for first home buyers from the 2020/21 financial year.
Under the scheme, eligible home buyers can purchase a home with a deposit of as little as 5 per cent (2 per cent for single parents). The National Housing Finance and Investment Corporation guarantees a scheme lender up to 15 per cent of the value of the property.
The scheme includes the First Home Loan Deposit Scheme, the New Home Guarantee and the Family Home Guarantee, a program for single parents that was established in July.
The guarantees being reissued were originally taken up by first home buyers who haven’t proceeded with their purchases.
The Minster for Housing Michael Sukkar said a total of 60,000 people have accessed the scheme since it was launched at the start of last year.