First Home Buyers Given Leg Up In Budget
The government has outlined plans to expand its First Home Loan Deposit Scheme.
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The Federal Budget for 2022 is set to ‘unlock’ 50,000 new places for the First Home Loan Deposit Scheme (FLHDS).
Real Estate Institute of Australia (REIA) president Mr Hayden Groves said this significant investment into supporting home ownership shows confidence that the scheme is serving the private property market.
“NHFIC (the National Housing Finance and Investment Corporation) estimates that around 15% of Australian households are prospective homeowners and this announcement makes that dream one step closer for those Australians who are eligible,” said Mr Groves
“The number of first home buyers decreased to 37,620 in the quarter, a decrease of 18.3% over the past 12 months.
“At the same time the average loan size increased to $470,548, an increase of 12.9% over the same period.”
Mr Groves said that the support of the FHLDS was a priority for the REIA and went on to thank the Federal Minister for Housing, Michael Sukkar MP.
“REIA supported this innovation in public policy when it was first announced in the Federal Election 2019 and the program has gone from strength to strength.
“Now up to 1 in 10 first home buyers utilise the Guarantee program with 6,000 of Australia’s key workers securing their first home through this program – our COVID-19 heroes.”
With the government seeking to triple the scheme from an initial 10,000 places in 2019, Mr Groves suggests Australians looking to buy their first home seek advice for accessing the scheme.
“With these new places coming online you will have more opportunity than ever to secure a place, we strongly encourage interested first home buyers to speak with their mortgage broker.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Scheduled auctions fall to winter levels as vendors hold back on going to market
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Grand final fever and the long weekend have dampened scheduled auction activity this weekend, CoreLogic reports.
The number of homes scheduled for auction this weekend is set to halve, with 1,324 properties listed, marking the quietest week since mid June. Melbourne will experience the quietest week since Easter, CoreLogic data shows, with 223 homes prepared to go under the hammer. In Sydney, 805 properties are expected to go to market, the lowest number in seven weeks.
With long weekends in Queensland and South Australia, numbers are also down in Brisbane (111) and Adelaide (86), less than half the properties available for auction the previous week. It’s a less dramatic drop in Canberra, where 83 homes are scheduled for auction, down -22.4 percent on the previous week.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
