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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the property price movements, fintok and finfluencers, and tax time.

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Steve Waters, director of Right Property Group, chats about the resilience of the property market in Victoria, where another lockdown is currently in place, as well as Westpac’s latest surprising predictions for property price movements.

RMIT’s senior lecturer of finance, Dr Angel Zhong, reveals the rise of fintok and finfluencers and the dangers social media presents to financial markets.

And lastly, tax and super guru Timothy Munro talks about tax time. He reveals what Aussies need to be mindful of as we head towards 30 June, and why some should look at engaging a professional this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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1,000 FHBs take advantage of scheme

By Cameron Micallef

April 30 2020
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Invest

1,000 FHBs take advantage of scheme

By Cameron Micallef
April 30 2020

Australia’s largest bank has announced that 1,000 first home buyers have now finalised the purchase of their home under the government’s first home buyer loan scheme, with plans to support a further 2,400 secure finances.

1,000 FHBs take advantage of scheme

By Cameron Micallef

April 30 2020
Share

The First Home Loan Deposit Scheme (FHLDS) was introduced to help Australians get into a home sooner by providing secured loans for first time buyers with a deposit of just 5 per cent.

CBA announced its 1,000th purchaser, a 32-year-old woman from Victoria, stating that securing a place under the FHLDS allowed her to purchase her new Pakenham home “much sooner” than she anticipated.

“I was saving for a deposit but was a few years off buying a property, so when my lender contacted me and explained that I would be able to purchase a home much sooner by participating in the scheme, I was ecstatic.”

Additionally, the major bank announced that it has assisted a further 2,400 buyers secure their place under the scheme, bringing the total number of first home buyers to be financed by CBA under the FHLDS to 3,400.

The FHLDS aims to provide up to 10,000 first home buyers per year with access to housing finance, with a deposit as low as 5 per cent.

Under the scheme, the government has agreed to guarantee the difference between the borrower’s deposit and the 20 per cent deposit required to take out a home loan without paying lender’s mortgage insurance.

From 1 January 2020, the two majors were permitted to secure a combined 3,000 places under the scheme, with initial data suggesting that all 3,000 places were filled within the first three weeks of launch.

From 1 February 2020, the majors were allocated a further 2,000 places, and the 25 non-major participating lenders opened up applications for the remaining 5,000 places.

The second major participating lender, NAB, confirmed that all 5,000 allocated major bank-funded loans were reserved “within hours” of the second-round release of places.

Another 10,000 places under the scheme will be released on 1 July 2020, with details on allocation yet to be released.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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