Invest
Middle-income Aussies big winners of FHB scheme
The federal government’s First Home Loan Deposit Scheme has now seen first home buyers reserve all available places in its first year of operation.
Middle-income Aussies big winners of FHB scheme
The federal government’s First Home Loan Deposit Scheme has now seen first home buyers reserve all available places in its first year of operation.
A statement from Minister for Housing and Assistant Treasurer Michael Sukkar has called it “a major milestone” for the scheme.
National Housing Finance and Investment Corporation (NHFIC) data showed that the first 10,000 guarantees were received “from all parts of our community, be it in our capital cities, regional centres or rural areas”.
Here’s a state-by-state breakdown showing the amount of guarantees secured across each state and territory:
NSW: 3,114
Victoria: 2,306
Queensland: 2,111
Western Australia: 550
South Australia: 413
ACT: 200
Tasmania: 183
Northern Territory: 35
Data also revealed that it is Australians on middle incomes under the age of 30 who are most likely to take advantage of the scheme.
The average income of applicants are well below the scheme’s caps of $125,000 for single applicants, and $200,000 for couples.
The average income of a single applicant is just $67,387, while the average income for couples is $109,525.
Almost six in 10 guarantees, or 58 per cent, have been granted to individuals under the age of 30.
But it’s been noted that a “positive” from the scheme is that 12 per cent of guarantees have been secured by Australians over the age of 40.
According to Mr Sukkar, it’s “a clear indication [the] scheme is helping Australians who are a bit older and may have struggled in the past to get a deposit together”.
The minister also revealed that 44 per cent of guarantee applications had been made through mortgage brokers.
While demand for the scheme did slightly droop in March as a result of COVID-19, the minister for housing highlighted that first home buyers have continued to display “huge confidence in the housing market and have moved quickly to secure the remaining guarantees available before the 30 June deadline”.
A further 10,000 guarantees will become available to first home buyers from 1 July 2020.
“Given buyer’s initial reception of the scheme, they will be highly sought after,” the minister concluded.
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