Morrison Government helping more women secure their future through homeownership
The Morrison Government is helping more women take control of their future and safeguard their economic security through the extremely successful Home Guarantee Schemes.
Over half the 60,000 guarantees issued have been taken up by women, well above the market average of 41 percent women entering into homeownership.
In particular, the Family Home Guarantee has helped hundreds of women into home ownership since its establishment in July 2021, with 85 percent of Family Home Guarantees used by single mums.
The Family Home Guarantee is the first ever housing policy designed specifically to help single parent families, the majority who are women, into the housing market and has assisted more than 2,300 single parents on the pathway to owning their home.
Assistant Treasurer and Minister for Housing, Homelessness, Social and Community Housing Michael Sukkar said the success of the Home Guarantee Schemes in helping women secure their economic future through home ownership was extremely pleasing.
“On International Women’s Day it is important to acknowledge the many women who have utilised the Home Guarantee Schemes to purchase their own home,” Minister Sukkar said.
“We know the importance to women that home ownership brings. It offers dignity, creates stability and allows the opportunity for women in this country to chart their own course in life.”
Nicole is a single mother living in Canberra who accessed the Family Home Guarantee and now owns her own home. Nicole said that without the Scheme, she would not have been able to save a deposit for a house.
“With the amount of rent we were paying we were never going to be able to save enough for a deposit. The Family Home Guarantee has given us the ability to buy without having to try and come up with a huge deposit,” Nicole said.
“Renting has a level of fear in that each year we were scared that our lease would not be renewed or that the owner might sell from under us. We finally have a place that is ours!
“It has given me, a single parent, the ability to be able to purchase a place that is our home.”
Under the Morrison Government’s housing policies, more than 300,000 Australians have been supported into homes in this term of government.
Since 1 January 2020, the Home Guarantee Schemes (consisting of the First Home Loan Deposit Scheme, the New Home Guarantee and the Family Home Guarantee) have assisted almost 60,000 first home buyers and single parent families get into a home of their own with a deposit as little as 5 percent or 2 percent respectively, a 2019 election commitment that has been delivered.
- One in five guarantees issued went to essential workers, almost 35 percent of which were nurses and 34 percent were teachers.
- 52 percent of guarantees went to women, with the market average only 41 percent women entering into homeownership (CoreLogic 2021).
- 85 percent of Family Home Guarantees were used by single mums.
This is addition to the work undertaken by the Morrison Government’s National Housing Finance and Investment Corporation helping at-risk and vulnerable women become homeowners. The Build-to- Rent-to-Buy proof of concept model is exploring innovative housing solutions, with construction anticipated to commence in 2022.