In a joint statement, Prime Minister Scott Morrison and Minister for Housing Michael Sukkar have declared the government will reissue 4,651 unused grants for first home buyers from the Home Guarantee Scheme during the 2021 financial year.
Recent research showed the Home Guarantee Scheme has helped more than 300,000 Australians into homeownership, around 6,000 essential workers, in which a third had been nurses.
More than 50% of recipients were aged 30 or younger.
The rolled over grants will create more opportunities for First Home Buyers to re-engage into the market, help first home buyers and single-parents with a deposit of only 5% or 2% respectively, without paying for expensive insurance.
We expect to see the falling number of First Home Buyers will re-enter the market next year, making it harder for investor who are fighting over similar priced dwellings.