Great news for those who missed out on getting a spot in the last release of the First Home Loan Deposit Scheme. The Morrison Government has announced they will reissue unused guarantees from the 2019/20 financial year from buyers who have since been unable to complete the purchase of their first home.
This represents the opportunity for around 1,800 buyers to enter the property market sooner. First home buyers are now able to apply for these guarantees from the Scheme’s lending panel lenders.
Since the commencement of the Scheme a year ago, there has been an extraordinary take-up of guarantees by first home buyers with more than 15,000 first home buyers already settled and moved into their home since 1 January 2020. In just three months, over 4,200 first home buyers have accessed the extended Scheme to build or buy a new home which runs until 30 June 2021.
Australian Bureau of Statistics data from December showed first home buyers continued to enter the market at the highest level since 2009, with the number of owner-occupier first home buyer loan commitments rising 9.3%, an increase of 56.6%from the same time last year.
A recent analysis by NAB has shown its lending to first home buyers increased by 21% against their 12-month average, with regional areas across the nation recording a 44%increase in first home buyer activity.
For First Home Buyers looking to purchase property in Melbourne, Sydney, Brisbane or Perth take a look at the below table from Corelogic outlining suburbs which now fall below the FHLDS thresholds:
Are you looking to take advantage of the First Home Loan Deposit scheme to purchase your first home? Don’t delay, these places will not last. Speak to one of our knowledgeable property consultants today about how you might be eligible.