Government offers 10,000 new home loan guarantees

Artists impression of a new complex when complete

Member for Robertson, Lucy Wicks, has reminded Central Coast residents that a further 10,000 guarantees will become available to first home buyers under the Federal Government’s First Home Deposit Scheme on July 1.

Wicks said all available guarantees in the 2019/2020 Financial Year had been reserved.

“This is a major milestone for the scheme, helping Australians get into their first home sooner with a minimum deposit of 5 per cent,” Wicks said.

“(It) is increasing the opportunity for those throughout our community to get into the housing market.

“The scheme has proven to be most popular with first home buyers under the age of 30, who have secured 58 per cent of guarantees country wide.”

Wicks said 3,114 guarantees had been secured in NSW.

“National Housing Finance and Investment Corporation (NHFIC) data shows those on middle incomes are the ones who are taking advantage of the scheme, with the average income of applicants well below the scheme’s caps,” she said.

“The average income of single applicants is $67,387 ($125,000 cap) and for couples $109,525 ($200,000 cap).

“Despite the COVID-19 health crisis causing a slight flattening of demand in the scheme in mid-March, first home buyers have shown huge confidence in the housing market and have moved quickly to secure the remaining guarantees available before the June 30 deadline.”

Media release, Jun 3
Member for Robertson,
Lucy Wicks