Additional 1,800 spots added to government’s first buyer scheme
Young Aussies are being given the opportunity to make their home purchase dream a reality, as the government moves to expand its first home buyer scheme by 1,800 spots.
The federal government is set to expand its first home loan deposit scheme by 1,800 buyers in days, with those looking to purchase an existing property offered the opportunity to secure a 5 per cent deposit.
According to Housing Minister Michael Sukkar, the additional spots were left unused by eligible buyers who accessed the scheme in the first round released in January 2020.
The scheme, introduced to ease the purchase process for new buyers, initially offered 10,000 spots nationwide for those looking to purchase an existing property.
The government then opted for a second round in October 2020 and introduced an additional 10,000 spots for buyers building or purchasing a new home.
“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,” Mr Sukkar announced on Wednesday.
“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,” he added.
In a move said to “further support first home buyers”, the Morrison government is now set to 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,” Mr Sukkar concluded.
Recent ABS data has suggested that 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 in December, an increase of 56.6 per cent from the same time last year.
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