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How successful was the First Home Loan Deposit Scheme?
New data released by the government has shown that first home buyers are now able to enter the market four years earlier than previously planned.
How successful was the First Home Loan Deposit Scheme?
New data released by the government has shown that first home buyers are now able to enter the market four years earlier than previously planned.
The National Housing Finance and Investment Corporation (NHFIC) Trends & Insights report, released 31 August showed that the scheme supported one in eight first home buyers between March and June.
Australia’s essential workers secured one in six of the scheme’s guarantees and around three-quarters of guaranteed loans were taken up by Australians aged between 18 and 34 years of age.
Canstar group executive, financial services, Steve Mickenbecker said the scheme was timely as it allowed buyers to take advantage of the record-low interest rates.
“It’s pleasing to see that the objective of the program is being achieved, with first home buyers able to get into their first house four years earlier without the need to incur lender’s mortgage insurance, and taking advantage of record-low interest rates,” Mr Mickenbecker said.
Of the 10,000 First Home Loan Deposit Scheme (FHLDS) participants – representing one in eight FHBs over the period – almost 70 per cent purchased a detached house, roughly 25 per cent purchased an apartment and 5 per cent purchased a townhouse.
However, the median purchase price for apartments ($475,000) exceeded houses ($385,000), with the vast majority (82.6 per cent) of apartment purchases in the major capitals, compared with 54.1 per cent of houses.
In total, 62.3 per cent of FHLDS participants purchased a home in a major capital, while 37.7 per cent purchased a property in a regional location.
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