THE election campaign has not left out first home buyers, with the Liberals pledging support to aspiring homeowners through expansion of the Home Guarantee Scheme.

They believe that the policy will allow for tens of thousands more Australians to be able to buy a house, with the price cap on Home Guarantee Scheme loans to be lifted by up to $150,000 in some areas and $100,000 for most capital cities.

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Increasing the price caps for homes available under the Scheme means more people have more options when purchasing a home, and the new caps help accommodate larger families under the Family Home Guarantee.

Prime Minster Scott Morrison said the Home Guarantee Scheme had already helped 60,000 Australians on the path to home ownership.

“We’re building a stronger future for Australians by making home ownership easier by making more properties eligible for the Scheme and expanding it to 50,000 places each year,” the Prime Minister said.

“People are cutting years off the time they’d need to save a deposit for a home because of this program.

“Now even more Australians can get into a home sooner.

“Saving to buy a house has always been hard work and we know as prices have increased it’s been getting harder.

“That’s why these higher price caps will help more people realise their dreams and lock in a stronger future for themselves.”

The adjusted price caps consider the 50,000 place per year expansion of the Home Guarantee Scheme, particularly in regional areas where the new Regional Home Guarantee is open to non-first home buyers.

Assistant Treasurer and Minister for Housing Michael Sukkar said that the adjusted price caps will help guarantee more Australians can achieve the dream of owning their own home.

“As a government, we fundamentally believe in the aspiration of home ownership, with people being able to build a place of their own and invest in their future.

“We know the importance home ownership brings, which is why we are expanding our extraordinarily successful Home Guarantee Scheme.

“We acknowledge how hard it can be to buy a new home or re-enter the housing market and that saving a deposit is the hardest part of getting into home ownership.

“By adjusting the price caps for the Home Guarantee Scheme, we are ensuring Australians have more options when buying a home.

“Because 41 percent of scheme-backed loans are ahead of pay back schedule, we are confident these adjusted price caps strike the right balance.

“60,000 Australians have already been supported into home ownership under the Home Guarantee Scheme, with the Morrison Government’s housing policies helping more than 300,000 Australians with the purchase of a home.

“With our support, first homebuyers are at their highest levels in twelve years.”

Liberal candidate for Paterson, Brooke Vitnell, said she was enthusiastic about the scheme.

“This is great news for first home buyers across the electorate of Paterson.

“As one of the fastest growing regional areas of the state, it is critical we give assistance so more first home buyers can get into the market.

“This is of benefit to regional Australians, especially those in the Hunter.

“I hope thousands of aspirational Australians will take advantage of this program and get into their first home sooner,” Vitnell said.

This will be welcome news to many couples who have adult children still living at home with them while they save for a home deposit.

Anita Marshall of Advanced Finance Solutions told News Of The Area, “We have helped approximately 80 first home buyers in Port Stephens purchase their own property under the low deposit scheme since it was released.

“It’s a fabulous scheme but it has been difficult for buyers to purchase with the current price caps as they were very conservative.

“We have been lobbying hard to get the price caps increased in Port Stephens so this is very welcome news,” she said.

By Marian SAMPSON