One in three Australian first-home buyers took advantage of the federal government's home guarantee scheme in the past financial year.
This was up from one in seven in the 12 months prior, as outlined in a new National Housing Finance and Investment Corporation (NHFIC) report.
The federal government's housing agency chalked the growth up to a more challenging purchasing environment, with buyers hit with the most rapid increase in interest rates in 30 years.
The expansion of the scheme also likely contributed to the turbocharged uptake.
More than 32,500 guarantees were issued in 2022/23, up from 23,300 in 2021/22.
Nearly two-thirds of the available places were taken up in the 12 months to June.
There was strong demand from regional buyers after 10,000 new places were opened to areas outside the major capitals in October last year.
Roughly two in five of all guarantees issued last financial year went to regional first home buyers.
Federal Housing Minister Julie Collins said it was great to see so many Australians using the scheme to crack into the housing market.
“We’ll keep working to ensure more Australians have a safe and affordable place to call home including the introduction of ‘help to buy’, which will join the home guarantee scheme next year,” she said.
Under the help-to-buy shared equity scheme, eligible home buyers will be able to purchase a home with a smaller deposit because the federal government will loan them some of the upfront purchase price.
