The Federal Morrison Government’s scheme to guarantee the loans of first-home buyers has been fully reserved with Queenslanders taking nearly one in four places.

Housing Minister Michael Sukkar announced that the initial allotment of the First Home Loan Deposit Scheme guarantee has been filled with more than half of the guarantees already issued.

Of the 9,000 low and middle income first home buyers who have nominated a location to buy their house, 2,111 chose Queensland.

Brisbane was the most popular location in the state recording 1,032 of the guaranteed loans issued, followed by the Gold Coast (250), Sunshine Coast (131) and the rest of the state (698).

Sukkar said the scheme, which will reopen from July 1 for a further 10,000 guarantees, had proven popular and would cut years off the time it took to secure a deposit to buy a first home.

The total value of loans guaranteed was $316 million with 58% of applicants aged under 30.
FHBs who qualify for the scheme can purchase a property with as little as a 5% deposit without having to pay costly lenders mortgage insurance.

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