The expanded scheme would make 35,000 guarantees”up from 10,000″to first home buyers with deposits as low as 5 per cent; 10,000 guarantees for regional buyers to purchase or build a new home; and 5000 guaranteesto support single parents.
New Regional Home Guarantee
The government will also provide up to 10,000 places each year under a new Regional Home Guarantee, set to support home buyers (including non-first) and permanent residents to purchase or construct a new home in regionalareas.
Mr Wolfe said extending the scheme to people who have previously owned a home will support the “missing middle” home seekers ” those who have been out of the market, most likely renting, for more than five years in regionalAustralia.
Regional home guarantee set to make a ‘real difference’
“Many people each year can find themselves back in the rental market after selling their home. The reasons vary but once in the rental market, saving a deposit to buy a new home can be just as big a hurdle as it is for firsthome buyers,”Mr Wolfe said.
“Until now, there has been nothing available to help these people re-enter the housing market. The introduction of the Regional Home Guarantee has the potential to help these home buyers but also to boost home building inthe regions.
“Many people have chosen to move to regional areas over the last two years to build a new life, placing pressure on housing affordability in these areas. Supporting home building at the same time as supportingpeople re-enter the housing market can make a real difference.”
Article by www.mortgagebusiness.com.au
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