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The 2022 Federal Budget had a key focus of reducing the cost of living with rising housing prices and increased rents becoming a common issue for many Australians.<\/span><\/p>\n <\/p>\n The Home Guarantee Scheme and infrastructure spending were welcomed by many in the property industry, however, there was still little in the budget to tackle long-term housing affordability and supply.<\/span><\/p>\n The main focus of the budget was to help first home buyers and single parents to enter the property market and encourage new buyers to invest in regional Australia.<\/span><\/p>\n \u00a0<\/span><\/p>\n The Federal Government\u2019s various Home Guarantee Schemes will be continued and be expanded under the 2022 Federal Budget. 50,000 new properties will be added across the three major schemes in a bid to help more Australians enter and, in some cases, re-enter the property market.<\/span><\/p>\n Lenders generally require borrowers to have saved a 20 per cent deposit to avoid Lender’s Mortgage Insurance (LMI), which is increasingly prohibitive given the sharp increase in property prices.<\/span><\/p>\n Under the Federal Government schemes, eligible first-home buyers can put down a deposit of as little as five per cent, or two per cent for single parents, with the government acting as a guarantor.<\/span><\/p>\n \u00a0<\/span><\/p>\n 35,000 places for will be made available for eligible first-home buyers who are able to access the scheme with a deposit of as little as 5 per cent (also known as the First Home Loan Deposit Scheme).<\/span><\/p>\n The 50,000-place expansion of the program will remain in place for three years from 2022-23, before being cut back to 35,000.<\/span><\/p>\n \u00a0<\/span><\/p>\n 5,000 additional places for eligible single parents will be made available, allowing them to purchase a home with a deposit of as little as 2 per cent. Eligible single parents do not have to be first home buyers, they can have previously owned a property.<\/span><\/p>\n \u00a0<\/span><\/p>\n 10,000 places for eligible buyers purchasing in regional Australia. The program is set to kick off in the 2022-2023 financial year. You don\u2019t have to be a first home buyer to participate in the Regional Home Guarantee scheme, however, you can\u2019t have owned property in the last 5 years.<\/span><\/p>\n \u00a0<\/span><\/p>\n The FHSSS allows potential buyers to build a deposit inside their super, giving them a tax cut and boosting the savings they can put towards a deposit.<\/span><\/p>\n From July 1, the maximum amount of voluntary contributions that can be released under the FHSSS will be boosted from $30,000 to $50,000.<\/span><\/p>\n \u00a0<\/span><\/p>\n IHOP will also be extended by a further two years to 2024\u201325.<\/span><\/p>\n \u00a0<\/span><\/p>\n \u00a0<\/span><\/p>\n<\/div>\nHome Guarantee Schemes<\/h2>\n
First Home Guarantee:<\/span><\/h2>\n
Family Home Guarantee:<\/span><\/h2>\n
New Regional Home Guarantee:<\/span><\/h2>\n
First Home Super Saver Scheme (FHSSS):<\/h2>\n
The Indigenous Business Australia\u2019s Indigenous Home Ownership Program (IHOP)<\/span><\/h2>\n