Aspiring first home buyers are being encouraged by the Real Estate Institute of Australia (REIV) to confirm their spot in the federal government’s First Home Loan Deposit Scheme before Christmas.
The scheme has assisted almost 60,000 Australians to purchase their first home to date, says REIA President Adrian Kelly.
“With around 4600 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,” Mr Kelly says.
“These 4600 reissued 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.”
In October 2021, the REIA launched Getting Real, its strategic policy agenda designed to define core issues to enable real estate agents and property clients to unite and succeed. The REIA was one of the first organisations in the real estate sector to endorse the First Home Loan Deposit Scheme and did so in Getting Real.
“Home ownership is a significant factor in Australians enjoying a happy and secure retirement, as well as contributing to the overall housing affordability picture,” says Mr 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.”
A recent REIA report found that the average loan size to first home buyers increased to $459,256 – a rise of two percent over the September quarter and 14 percent over the past 12 months.
However, the average loan size increased to $570,412 – a rise of four percent over the quarter and 17.4 percent over the past 12 months.
“This simply means that the government programs like the First Home Loan Deposit Scheme and the First Home Super Saver Program need to be supported and expanded,” says Mr Kelly.
For more information on the Real Estate Institute of Victoria, government first home buyers’ schemes or to read the full Housing Affordability Report, visit www.reia.com.au.
