First Home Loan Deposit Scheme will save first home buyers tens of thousands: HIA

HIA welcomed the Government’s introduction of the National Housing Finance and Investment Corporation Bill (NHFIC) providing a platform to establish the First Home Loan Deposit Scheme announced during this year’s Federal election.

The organisation believes that the introduction of legislation by the Treasurer, Josh Frydenberg, to support the home ownership aspirations for 10,000 first home buyers is a key milestone in delivering their election commitment.

HIA Managing Director Graham Wolfe said “The First Home Loan Deposit Scheme, scheduled to commence in January, addresses one of the greatest hurdles facing those enthusiastically saving to purchase their first home. Saving for a home deposit can take up to ten years or more."

The new First Home Loan Deposit Scheme will save an average first home buyer in Sydney, with less than 20 per cent deposit, an estimated tens of thousands of dollars over the life of their loan.

Mr Wolfe added, “The Government’s progress in bringing the Scheme to market is exciting news for first home buyers. “

"HIA also applauds the Government’s commitment to housing supply under NHFIC. Planning for the next 20 years of housing supply to match Australia’s population growth and demographic change, and funding the delivery of infrastructure to support new communities, requires national coordination and leadership."

“The Commonwealth Government has a key role in working with the states and territories to ensure that we can accurately forecast Australia’s housing and community based infrastructure challenges and manage the supply needed to meet the future demand,” Mr Wolfe concluded.