Extra 10,000 FHB loan guarantees released for First Home Deposit Scheme

From Wednesday, an additional 10,000 loan guarantees from the Morrison Government’s First Home Loan Deposit Scheme are now available for first home buyers over the next 12 months.

The scheme has so far provided 10,000 guarantees to eligible first home buyers to allow them to purchase a modest home with a deposit of as little as five per cent.

It can also be used in conjunction with the Morrison Government’s First Home Super Saver Scheme and HomeBuilder, and first home buyers may also be eligible for state and territory grants and concessions.

In the first year of operation, data also shows that guaranteed loans went to applicants whose income were well below the Scheme’s caps. The average income of single applicants is $66,488 ($125,000 cap) and for couples $109,410 ($200,000 cap).

The scheme has proven most popular with first home buyers under the age of 30 years of age who secured 59 per cent of guarantees, and 12 per cent of guarantees have been secured by Australians over the age of 40.

The largest amount of applications for guaranteed loans, 45 per cent, were made through mortgage brokers.

For more information and eligibility criteria visit NHFIC’s First Home Loan Deposit Scheme website.