A sunny Saturday will see many first-time home buyers, people looking to upgrade, and some looking to downsize viewing open house inspections throughout Lismore and the Northern Rivers.

In two days' time (1 July 2024), more support will be available via the Home Guarantee Scheme (HGS or Scheme) to help eligible home buyers, including first-time buyers, single parents, and people in regional areas, buy a home sooner. 

50,000 new places are now available for the 2024-25 financial year across three Scheme Guarantees:

• 35,000 places for the First Home Guarantee (FHBG);
• 10,000 places for the Regional First Home Buyer Guarantee (RFHBG); and
• 5,000 places for the Family Home Guarantee (FHG). 

How does it work?

Housing Australia works with participating lenders to facilitate loans to eligible home buyers who meet income eligibility thresholds and other eligibility criteria and don't have the 20% deposit typically required for a home loan.

Eligible home buyers can apply for a loan through a participating lender who has been authorised by Housing Australia to participate in the HGS.

Housing Australia provides a Guarantee to the participating lender of up to 15% of the value of a home loan under the First Home Guarantee or the Regional First Home Buyer Guarantee; and up to 18% under the Family Home Guarantee. This enables the home buyer to buy a home without paying Lenders Mortgage Insurance.

The Guarantee is not a cash payment or a deposit for a home loan. Eligibility criteria apply. For further information about the HGS visit Support to buy a home | Housing Australia.

Housing Australia CEO Nathan Dal Bon said, "Housing Australia is delighted to offer 50,000 new places in a key Government housing program that provides more Australians and permanent residents with greater access to the property market, enabling them to bring forward plans to buy their own home."

Housing Australia Chief Program Officer HGS Jennifer Chew added, "We look forward to continuing to work with our participating lenders and their broker networks to help more aspiring homeowners get their foot on the property ladder and experience the safety and security of home ownership."

The HGS is an Australian Government initiative that is administered by Housing Australia and available through 32 participating lenders. Since inception in January 2020, more than 160,000 Australians have already bought or built their own home with support from the Scheme.