Summary of proposal
Party
The Coalition
Portfolio
Treasury
Policy Topic
Housing
The proposal would make the following changes to the Home Guarantee Scheme:
- Increase the income cap for individuals from $125,000 to $175,000.
- Increase the income cap for joint applicants from $200,000 to $250,000.
- Uncap the number of places available under the First Home Guarantee (FHBG) and Regional First Home Buyer Guarantee (RFHBG) schemes.
- Make the RFHBG and Family Home Guarantee (FHG) schemes ongoing.
- Increase the property price caps for newly constructed properties, as per the table below.
Table: Proposed property price caps
| Region | Current | Proposal | |
|---|---|---|---|
| Existing and new property | Existing property | Newly constructed property |
|
| New South Wales – capital city/regional centre | $900,000 | $900,000 | $1,500,000 |
| New South Wales – other | $750,000 | $750,000 | $800,000 |
| Victoria – capital city/regional centre | $800,000 | $800,000 | $950,000 |
| Victoria – other | $650,000 | $650,000 | $650,000 |
| Queensland – capital city/regional centre | $700,000 | $700,000 | $1,000,000 |
| Queensland – other | $550,000 | $550,000 | $700,000 |
| Western Australia – capital city/regional centre | $600,000 | $600,000 | $850,000 |
| Western Australia – other | $450,000 | $450,000 | $600,000 |
| South Australia – capital city/regional centre | $600,000 | $600,000 | $900,000 |
| South Australia – other | $450,000 | $450,000 | $500,000 |
| Tasmania – capital city/regional centre | $600,000 | $600,000 | $700,000 |
| Tasmania – other | $450,000 | $450,000 | $550,000 |
| Australian Capital Territory | $750,000 | $750,000 | $1,000,000 |
| Northern Territory | $600,000 | $600,000 | $600,000 |
The proposal would start on 1 July 2025.