Property price rises mean more first-time buyers are taking advantage of the government’s low-deposit scheme.
Close to one in three first home buyers across Australia in 2022-23 were helped by the federal government’s low-deposit scheme, a significant increase from one in seven in 2021-22.
From July 1 this year the three guarantees became available to permanent residents, rather than just Australian citizens. The First Home Guarantee and Regional First Home Buyer Guarantee are now open to those who have previously owned property, as long as they have not owned property for at least 10 years.
Housing Australia figures show medium- and high-density housing, such as units and town houses, are over-represented by scheme users. Rising property prices, higher rents and the higher cost of living make coming up with the deposit difficult for many would-be first-time buyers.
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