From today, all first home buyers across the nation can purchase a home with just a 5 per cent deposit, thanks to the Albanese Government’s expanded Home Guarantee Scheme.

Through the expanded 5 per cent deposit scheme, the Government will guarantee a portion of a first home buyer’s loan, so they can purchase with a lower deposit and not pay Lenders Mortgage Insurance.

The expanded scheme means:

• No caps on places or income limits – every first home buyer can apply.
• Higher property price caps – from today, the threshold in Geelong, the Surf Coast and Bellarine has been lifted from $800,000 to $950,000. This brings them in line with average house prices and provides access to a greater variety of homes.
• Big savings on deposits – for example, a first home buyer in Leopold purchasing a $640,000 property will save $96,000 on a deposit under the scheme.

Federal Member for Corangamite Libby Coker said the changes will give thousands of locals the chance to get into the housing market sooner.

“This is about opening doors for young people and families right across our region. By cutting the deposit hurdle and removing Lenders Mortgage Insurance, we’re making it easier for first home buyers to purchase their first home,” Ms Coker said.

Before today’s changes came into effect, more than 3,000 people in the Geelong region had already bought their first homes through the Home Guarantee Scheme.

To find out more, visit: www.housingaustralia.gov.au/home-guarantee-scheme

The expansion of the Scheme builds on Labor’s broader housing plan, which is increasing housing supply and making homes more affordable for Australians.

To read more, visit: Labor’s social and affordable housing program building momentum | Treasury Ministers

Quotes attributable to Member for Corangamite, Libby Coker:

“We want to help young people, and first home buyers achieve the dream of home ownership sooner.”

“From today, all first home buyers across the Surf Coast, Bellarine and Geelong region will be able to buy a home of their own with a deposit of just 5 per cent – cutting years off the time it takes to save for a deposit.”

Quotes attributable to Minister for Housing and Homelessness, Clare O’Neil:

"5 per cent deposits for all first home buyers will mean more people can get into their own home sooner.”

“The Albanese Labor Government is stepping up to level the playing field and back a new generation of first home buyers into the housing market.”