First-home buyers, who comprise one of the most active cohorts in residential real estate on the back of government incentives, are poised for more federal assistance.
The Federal Government is poised to expand its first-home buyer loan scheme ahead of the October Budget – after 40% of the 10,000 available places were filled in less than four weeks.
National Housing Finance and Investment Corporation figures show that, since 1 July, 4,076 places have been processed under the scheme, which helps applicants purchase a home with a 5% deposit.
The first phase of the scheme processed 10,000 applications between 1 January and 30 June, with 10,000 more places made available in the current financial year.
Housing Minister Michael Sukkar says the scheme had been critical in driving first-home buyer confidence. “By delivering our loan guarantees, we are helping Australians cut years off the time it takes to save a deposit,” he says.
At a state level, the NSW Government has announced further concessions to eliminate stamp duty for first-home buyers.