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.