1 MIN READHouse prices push average Australian’s wealth even higher in 2022
Despite worries of a housing downturn, Australians’ wealth actually increased 1.2 per cent on average in the first qua...
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The 2022‑23 budget, due out tomorrow (29 March), will more than double the scope of the government’s Home Guarantee Scheme in an attempt to woo voters ahead of the upcoming federal election.
The government reports the scheme has helped 60,000 Australians into a home since 1 January 2020. Under the new measures, it will now offer 50,000 places a year.
The extension of the program, which encompasses the New Home Guarantee, Family Home Guarantee and First Home Loan Deposit scheme (previously known as the First Home Loan Deposit Scheme), will also include the introduction of a new funding initiative, the Regional Home Guarantee, open to non-first home buyers.
It follows on the heels of the Labor party’s announcement last week that if elected, the party would institute a program aimed at tripling the number of places that Australians living in regional areas received last year under the current FHLDS.
The three major changes to the government’s housing funding include:
The government reports that since the launch of the Home Guarantee scheme was launched it has made a particular impact on women and front-line workers with 52 per cent of guarantees going to women, 85 per cent of Family Home Guarantees taken up by single mums, and one in five guarantees issued to essential workers.
Budget is defined as the estimation of expenses made over a specified time for the purchase of goods or services.
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