An interactive map-tool launched by the NHFIC lets first home-buyers see where people are buying their first homes, their ages, income, and deposit saved. The tool aids buyers make a better purchase decision.
The NHFIC rolled out the First Home Loan Deposit Scheme (FHLDS) to provide access to first homebuyers with low deposits without paying Lenders Mortgage Insurance (LMI) fees.
An additional 10,000 FHLDS Scheme places were released exclusively for first home buyers buying new homes.
What caught our eye from the first FHLDS Scheme?
The first FHLDS Scheme was launched in January 2020.
Around 70% of the first home buyers purchased houses, whereas 25% purchased apartments and the remaining went for townhouses from January to June 2020.
Some other highlights were as follows:
- The scheme helped one in eight of new-home buyers get homes between March and June.
- The age group of buyers was concentrated between 25 and 34.
- The median salary of the singles who applied was between $60,000 to $80,000 ( threshold is $125,000).
- The median salary of the couples who applied was between $90,000 to $125,000( threshold is $200,000.
- The median property price of property purchased by single applicants was $370,000.
- The median property price for couples was $4,25,000.
- 62.3% of the applicants applied for property in the city area and the remaining in regional areas.
- 70% of the first home buyers purchased houses, whereas 25% purchased apartments and the remaining went for townhouses.
- More than one in eight applicants (1805) were key workers. Under this, teachers had the highest representation with 665 applications.
- The highest number of applicants were from New South Wales (2,263), whereas the lowest ones came from Northern Territory (31)
Almost half the transactions (46.1 %) for this Scheme were carried out by mortgage brokers. Our brokers can help you secure a scheme place and save thousands on your first home loan! Call us on 1300 783 493 or fill in our online assessment today to reserve your scheme place.
How can you use the map-tool?
You can go to NHFIC’s web page here and select the name of the state or a postcode in the map tool.
The following information of the selected area will then be displayed:
- Property price
- The age group of buyers was concentrated between 25 and 34.>
- Deposit amount
- Household taxable income
- Household taxable income
- Debt to income ratio
FHLDS participation by state:
| State / Territory | Guarantees issued | Property price | Taxable Income (p.a.) |
|---|---|---|---|
| NSW | 2,263 | $450,000 | $95,500 |
| QLD | 1,845 | $350,000 | $93,500 |
| WA | 441 | $335,000 | $72,500 |
| VIC | 1,617 | $495,000 | $91,500 |
| NT | 31 | $340,000 | $85,500 |
| SA | 332 | $306,000 | $74,000 |
| TAS | 138 | $285,000 | $69,000 |
| ACT | 147 | $442,000 | $89,000 |
Source: NHFIC’s page
How do I apply?
First things first, check your eligibility to confirm whether you qualify for not.
- You should be an Australian citizen; permanent residents do not qualify
- You should not be under the age of 18.
- Single applicant’s taxable income should not exceed $125,000 p.a
- You should not have owned a property in Australia prior to this.
- The property must be an owner-occupied (live-in) home.
- You should have atleast 5% as a genuine savings.
Then, if you’re eligible, reserve a Scheme place early because of the limited slots each year.
As mortgage brokers, we can also provide you with free suburb and property reports to help you find the right property. Once you’ve found it, we can also order a free upfront valuation with some of our lenders as well.
Ready to apply?
Call us on 1300 783 493 or fill in our free assessment form today to reserve your scheme place.