Helping Australians get into a home of their own and supporting tradies’ jobs are both key priorities for the Morrison Government as we build our comeback from the COVID-19 recession.
The Morrison Government’s First Home Loan Deposit Scheme has delivered for first home buyers by helping them get into their own home sooner with a deposit of as little as five per cent.
As part of the Morrison Government’s Economic Recovery Plan to create jobs, rebuild our economy and secure Australia’s future, the Scheme was extended so that an additional 10,000 first home buyers could purchase or build a new home with a guaranteed loan until 30 June 2021.
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.
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.
The Morrison Government’s commitment to backing first home buyers is delivering results.
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 per cent, an increase of 56.6 per cent from the same time last year.
Recent analysis by NAB has shown its lending to first home buyers increased by 21 per cent against their 12-month average, with regional areas across the nation recording a 44 per cent increase in first home buyer activity.
To further support first home buyers, the Morrison Government will reissue unused guarantees from the 2019/20 financial year from buyers who have since been unable to complete their purchase of their first home.
This represents a great opportunity for around 1,800 buyers to now enter the property market sooner. First home buyers will be able to apply for these guarantees from the Scheme’s lending panel lenders in the coming days.
Helping Australians get into a home of their own and supporting tradies’ jobs are both key priorities for the Morrison Government as we build our comeback from the COVID-19 recession.