Home Guarantee Scheme expands with 40,000 new places
1 July 2022
Great Southern Bank has today welcomed the expansion of the Government-backed Home Guarantee Scheme, which aims to help tens of thousands of Australians to own their own home with as little as 5% deposit.
The Scheme includes 35,000 places under First Home Guarantee , which was previously known as the First Home Loan Deposit Scheme, as well as the Family Home Guarantee which will have 5,000 places available per year. The places offered through the Scheme will be available to Great Southern Bank and other participating lenders.
“Our purpose as a bank is to help all Australians to own their own home – so naturally we are committed to help more people take that step through the Home Guarantee Scheme,” said Megan Keleher, Chief Customer Officer at Great Southern Bank.
“We expect the First Home Guarantee will continue to be very popular. The good news is that the guarantee has 35,000 places available this financial year, more than three times as many places as were available in its first year. At the same time, the Family Home Guarantee helps single parents with a dependent child, which is another group that often faces challenges in saving a deposit to buy a home.
“We’ve already helped more than 3,500 customers to buy their homes through Australian Government homebuyer support schemes, and we plan to help many more under the new model.”
The First Home Guarantee:
- Number of places increased from 10,000 to 35,000 per year
- Property price caps increased for cities and regions nationally, to reflect local housing markets
- Enables buyers to purchase a home with as little as 5% deposit, while avoiding the need for Lenders' Mortgage Insurance (LMI).
- 5,000 places per year to June 30 2025
- Property price caps increased, with these varying from state to state
- Aims to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous homeowner.
You can find more information about the schemes on our website.
About Great Southern Bank
For over 75 years, we’ve been putting our customers first, and today we look after the financial needs of more than 381,000 Australians. We have changed our name from CUA to Great Southern Bank but we remain customer-owned and firmly focused on helping all Australians own their own homes.
Media contact:
Michael O’Toole
Corporate Communications Manager
Mobile: 0428 051 754
Email: Michael.otoole@gsb.com.au