The Real Estate Institute of Australia (REIA) has urged first home buyers to take advantage of the expected 4,600 places in the First Home Loan Deposit Scheme (FHLDS) that will be coming online before Christmas.
In a statement, Adrian Kelly, president of REIA, said that the FHLDS has helped nearly 60,000 first home buyers to date.
“With around 4,600 places coming online in time for Christmas, I urge aspiring first time home owners to take action by calling their local agent or mortgage broker and securing their place in the scheme,” said Kelly. “The FHLDS is particularly important in a rising market, especially for those who do not have access to the bank of mum and dad.”
Kelly added that the reissued 4,600 places “can be used for either new or existing dwellings which suits the type of housing stock first home buyers generally prefer with caps that better suit current market conditions.
According to Kelly, as the country moves into a new election cycle in 2022, it was critical that schemes that support home ownership over lifetime renting continue.
“Home ownership is a significant factor in Australians enjoying a happy and secure retirement, as well as contributing to the overall housing affordability picture,” said Kelly. “Loan repayments for first home buyers usually sit under median rents within two to six years of purchasing a home depending on the location.”
“This simply means that government programs like the FHLDS and the First Home Super Save Program need to be supported and expanded,” he concluded.
