The government has introduced a new bill set to provide a platform in establishing the First Home Loan Deposit Scheme, a commitment announced during this year’s federal election.
HIA welcomed this week’s introduction of the National Housing Finance and Investment Corporation Bill, noting that it will go a long way in addressing the hurdles faced by FHBs throughout the home buying process.
“The introduction of legislation by the Treasurer, the Hon Josh Frydenberg, to support the home ownership aspirations for 10,000 first home buyers is a key milestone in delivering this important election commitment,” said HIA managing director Graham Wolfe.
“The First Home Loan Deposit Scheme, scheduled to commence in January, addresses one of the greatest hurdles facing those enthusiastically saving to purchase their first home. Saving for a home deposit can take up to 10 years or more.
“The First Home Loan Deposit Scheme will save an average first home buyer in Sydney, with less than 20 per cent deposit, tens of thousands of dollars over the life of their loan. The government’s progress in bringing the scheme to market is exciting news for first home buyers.”
Mr Wolfe added that HIA also welcomes the government’s commitment to housing supply under NHFIC.
“Planning for the next 20 years of housing supply to match Australia’s population growth and demographic change, and funding the delivery of infrastructure to support new communities, requires national coordination and leadership,” he said.
“The Commonwealth government has a key role in working with the states and territories to ensure that we can accurately forecast Australia’s housing and community-based infrastructure challenges and manage the supply needed to meet the future demand.”