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The National Housing Finance Investment Corporation (NHFIC) has released its second annual report on the uptake of the First Home Loan Deposit Scheme (FHLDS), the New Home Guarantee and the Family Home Deposit Scheme
“The data released today shows that the Scheme continues to play an important role in assisting people struggling to save a deposit to purchase their first home,” said Kristin Brookfield HIA Chief Executive Industry Policy.
“Clearly the Scheme is delivering on its promise to help thousands of people that want to achieve home ownership make that dream a reality sooner. It has made a real and tangible difference in its first two years of operation and should be an option for first home buyers well into the future.
“The Scheme’s capacity to make a material improvement to the rate of home ownership amongst younger households is still limited by the annual cap on places, meaning many miss out and the scheme can’t reach its full potential.
“The combined contribution of the FHLDS, the New Home Guarantee, HomeBuilder and several state and territory programs in the last two years has lifted first home buyers to their largest market share in a decade.
“The data also shows that the Scheme has assisted a diverse range of households from all across the country to purchase their first home.
“But unfortunately there are far more first home buyers who meet the eligibility requirements who miss out because of the capped number of places.
“The alternative pathway to home ownership for those who miss out on a place in the Scheme is to hand over tens of thousands of dollars to purchase lenders mortgage insurance or wait another 4 to 6 years to save a larger deposit. This means either saving for longer or borrowing more.
“HIA has argued for a long time that the scheme must be expanded, but even more so now when APRA has just announced it will be tightening rules for assessing loan serviceability. This will hit aspiring first home buyers the hardest.
“Today’s NHFIC data adds further credence to HIA’s call that now more than ever, first home buyers should continue to be supported - a lift in the cap on places in Scheme should be seriously on the table,” concluded Ms Brookfield.
“Australia’s population reached 27.4 million by the end of 2024, up by 445,900 people, or 1.7 per cent for the year,” stated HIA Senior Economist, Tom Devitt.
The Tasmanian election that no-one wanted to have is in full swing, and while the limited campaign period is unlikely to provide the usual platform to promote key policies and reforms, HIA is calling on both major parties to prioritise housing policies given the significant challenges across the state.
“Our dated and complex planning system is littered with speed bumps that could easily be removed”, said Brad Armitage, HIA NSW Executive Director.
“The Victorian government’s proposal to update home building contract laws to make them fit for use in the 21st century is welcomed by HIA,” stated HIA Executive Director, Keith Ryan.