Labor Government Schemes To Help Home Buyers

Labor Government Schemes To Help Home Buyers

Published by Otto Dargan on May 27, 2022

Labor’s win in the 2022 Australian elections brought a change in the government schemes available to first-home buyers and those who currently don’t own property.

What Government Home Buying Schemes Are Available After The 2022 Election?

The Labor government has introduced two new government schemes for home buyers.

The Labor government will continue to provide two schemes from the Home Guarantee Scheme:

All of these allow either first home buyers or those who currently don’t own property to buy a home with a small deposit, without paying Lenders Mortgage Insurance (LMI).

Details Help To Buy Regional First Home Buyer Support Scheme First Home Guarantee Family Home Guarantee
What is it? It is a shared equity scheme where the government contributes 40% for new builds and 30% for existing properties. It is a guarantor scheme where the government guarantees loans so borrowers avoid LMI. It is a guarantor scheme where the government guarantees loans so borrowers avoid LMI. It is a guarantor scheme where the government guarantees loans so borrowers avoid LMI.
Who’s it for? Low- to middle-income earners who currently don’t own property Only first home buyers who already live in regional areas Only for first home buyers Single parents with at least one child dependant
How many places are available? 10,000 each year 10,000 each year 35,000 each year 5,000 each year
What is the minimum deposit required? 2% 5% 5% 2%
What is the income cap? $90,000 for singles and $120,000 for couples $125,000 for singles and $200,000 for couples $125,000 for singles and $200,000 for couples $125,000
When is it available? 1 July 2022 1 January 2023 Available now. Extra places are available from 1 July 2022 Available now

What Proposed Government Schemes Will Not Be Available?


Not sure which scheme is right for you? Our mortgage brokers can help you navigate the process and choose the right scheme for you. Call us on 1300 889 743 or enquire online today.

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