Real estate body endorses expanded First Home Guarantee Scheme
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Photo by RDNE Stock project
The Real Estate Institute of Australia has endorsed Labor’s election commitment to expand the First Home Guarantee Scheme if returned to government.
The industry body says the proposed changes align with recommendations it made in January this year.
REIA President Leanne Pilkington said the removal of caps on income and places in the scheme would help more Australians enter the housing market.
“The removal of caps on income and places, along with increased property price thresholds, brings the scheme in line with current market conditions and ensures broader access for aspiring home buyers across Australia,” Ms Pilkington said.
The changes would update the scheme’s parameters to reflect the current property market, making home ownership accessible to a wider range of buyers.
The REIA has also acknowledged Labor’s $10 billion commitment to build 100,000 homes specifically for first home buyers.
“The Albanese Government’s $10 billion commitment to build 100,000 homes exclusively for first home buyers is bold and a step in the right direction,” Ms Pilkington said.
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She said the organisation would examine the initiative’s details, including delivery timeframes and eligibility criteria.
“We will closely review the detail of this initiative, including delivery timeframes and eligibility criteria, to ensure it delivers the intended outcomes and supports long-term housing sustainability,” she said.
The REIA has indicated that policies increasing housing supply and providing targeted support for market entry are essential components of addressing housing affordability.
The First Home Guarantee Scheme allows eligible first home buyers to purchase property with a deposit as low as 5 per cent, with the government guaranteeing up to 15 per cent of the purchase price.
The federal election is expected to be held later this year.