First Home Buyers Given Leg Up In Budget
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First Home Buyers Given Leg Up In Budget

The government has outlined plans to expand its First Home Loan Deposit Scheme.

By Terry Christodoulou
Tue, Mar 29, 2022 1:39pmGrey Clock < 1 min

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.”



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London’s Luxury Property Market Turns a Corner

After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter

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The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.

After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.

Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.

All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.

“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”

Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.

Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.

Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.

“As a result, buyers are still expected to be less committed until the dust has settled,” he said.

MOST POPULAR
35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

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