REDBANK Plains resident Taryn Compton has praised the Federal Government’s Home Guarantee Scheme, crediting it with making home ownership a reality for her and her family.
Previously living on the Gold Coast, Ms Compton sought a home large enough for her and her five sons, and in 2021 purchased a home after learning about the scheme from her broker.
“I absolutely recommend the scheme – it’s very easy to understand and access,” she said.
“It makes home ownership possible for so many people who wouldn’t normally qualify.”
The Home Guarantee Scheme allows eligible buyers to purchase a home with as little as 5 per cent deposit, eliminating the need for costly Lenders Mortgage Insurance, which can save buyers tens of thousands of dollars.
Since its expansion, the scheme has helped more than 200,000 Australians take their first steps towards home ownership, with more than 51,600 in Queensland, and Ipswich has been among the areas with the highest uptake.
According to the latest Home Guarantee Scheme Trends and Insights Report, first-home buyers have been the primary beneficiaries, making up one-in-three participants in 2023-24.
The report also revealed that more than 50 per cent of participants were women, and more than half were under 30.
The initiative is part of the Federal Government’s broader housing strategy, which includes Australia’s largest home-building program, rental reforms, and the push to end no-fault evictions.
Federal Member for Blair Shayne Neumann highlighted the scheme’s role in easing housing pressures.
“I know people in my community are struggling to buy a home,” Mr Neumann said.
“Not enough people know about this program. It removes the need for a 20 per cent deposit and helps eligible buyers enter the market with just 5 per cent.”
As housing affordability remains a key issue, the Home Guarantee Scheme continues to provide a vital lifeline for thousands of Australians, particularly young people, women, and key workers, helping them achieve the dream of home ownership.
