Today the National Housing Finance and Investment Corporation (NHFIC) released a first homebuyer data insights collaboration with the Commonwealth Bank of Australia (CBA) and the National Australia Bank (NAB).
The research analyses first homebuyer data from the Scheme since its inception in January 2020 relative to CBA and NAB’s broader first homebuyer portfolio.
Some of the key insights include:
Support for homebuyers has been expanded with five new non-major lenders offering the HGS from last month (July). This brings the number of lenders offering the Scheme to 32, providing more choice to eligible homebuyers.
As part of its election commitments, the Government will introduce the new Regional First Home Buyer Support Scheme for first homebuyers in regional Australia and the Help to Buy shared equity scheme which will support those on lower incomes struggling to buy a home.
Given the expanded support for first homebuyers under the new Government, NHFIC will continue to work with major lenders to periodically update this research and report other insights into the broader first homebuyer market.
For more information on the Scheme visit nhfic.gov.au
Note to editors
The purpose of the HGS is to facilitate eligible first home buyers entering into the housing market sooner. It does this by allowing NHFIC to issue guarantees each financial year for loans to first home buyers with a deposit of between 5 and 20 per cent of the property’s value, and for the Family Home Guarantee to eligible single parents with a deposit of between 2 and 20 per cent of the property’s value.
From 1 July 2022, the number of places available through the First Home Guarantee increased from 10,000 to 35,000 per financial year, while the Family Home Guarantee will have an annual allocation of 5,000 places from 1 July 2022 until 30 June 2025.
These results are subject to change as rents, house prices, interest rates and incomes fluctuate in the future. NHFIC will continue to work with its major bank lending panel partners on tracking these first home buyer cohorts over time and will release further data insights periodically.
Read the analysis here.