A new report has found that with help from government schemes, more people are entering the housing market for the first time.
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The National Housing Finance Investment Corporation released its second annual report on the uptake of the First Home Loan Deposit Scheme, the New Home Guarantee and the Family Home Deposit Scheme.
The report found that since January 1, 2020, 22,879 home purchases across Australia were supported by the FHLDS and NHG, helping almost 33,000 Australians purchase their first home.
It comes after data released by the HIA in June highlighted the building boom in Launcestons' suburbs.
The data found that Kings Meadows and Legana were in the state's top 10 building and population hotspots, with residential building approvals at Kings Meadows reaching a value of $16.7 million in 2019-20 and $18.9 million at Legana.
HIA Industry Policy chief executive Kristin Brookfield said yesterday's NHFIC report showed the importance of supporting those struggling to enter the housing market on their own.
"Clearly the scheme is delivering on its promise to help thousands of people that want to achieve home ownership make that dream a reality sooner.
"It has made a real and tangible difference in its first two years of operation and should be an option for first home buyers well into the future."
However, Ms Brookfield said the HIA continued to call for the government to increase the cap on people who could access the scheme.
"Unfortunately there are far more first home buyers who meet the eligibility requirements who miss out because of the capped number of places," Ms Brookfield said.
"The alternative pathway to home ownership for those who miss out on a place in the scheme is to hand over tens of thousands of dollars to purchase lenders mortgage insurance or wait another four to six years to save a larger deposit.
"This means either saving for longer or borrowing more."
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Sarah Davison
Education reporter at The Examiner, with an additional focus on issues affecting the LGBTQIA+ community. With a background in Psychology, Sarah completed her Master's thesis on the Australian media's coverage of familicide. Get in touch: sarah.davison@examiner.com.au or 0448 682 861
Education reporter at The Examiner, with an additional focus on issues affecting the LGBTQIA+ community. With a background in Psychology, Sarah completed her Master's thesis on the Australian media's coverage of familicide. Get in touch: sarah.davison@examiner.com.au or 0448 682 861
