6,500 loans being processed under the First Home Loan Deposit Scheme so far

By Polly Fleeting ·

The Australian Government has released new data that revealed, in less than 2 months, about 6,500 of the 10,000 home loans under the First Home Loan Deposit Scheme are already being processed. 

On the 1 January 2020, the First Home Loan Deposit Scheme sprung into action with 3,000 spots being opened between two of the big four banks: CommBank and NAB. 

The following month on 1 February 2020, 7,000 more slots opened up for first home buyers, with a list of 27 mortgage lenders to choose from. 

Housing Minister, Michael Sukkar told parliament last Thursday that over 1100 first home buyers in New South Wales, 800 in Victoria, over 700 in Queensland, 150 in Western Australia, 150 in South Australia, over 100 in both Tasmania and the ACT had been pre-approved under the scheme. 

“It’s very pleasing that these places have been distributed throughout the country, in cities, regional centres and rural areas,” he said. 

“And also the scheme is reaching the people our Prime Minister wanted to reach, the people on middle incomes.”    

However, of the total 10,000 spaces made available for this financial year, only 3,500 remain open, but it’s not bad news for future first home buyers. For those who aren’t ready to jump into the property market right now, in July of this year, 10,000 more spots will become available.

So if you want to snag one of the last 3,500 remaining spots but don’t know where you can apply, here’s a full list of the 27 lenders participating in the new government initiative. 

RELATED ARTICLE: Why first home buyers are racing into the property market now 

What do we know about First Home Loan Deposit Scheme applicants? 

According to the Government’s latest figures, over half (55%) of applicants for the First Home Loan Deposit Scheme so far have between the ages of 18-29. 

And the average income of the applicants so far is $111,534 for couples and $67,126 for singles, despite the income caps being higher at $200,000 and $125,000 respectively. 

The data also revealed that only a quarter of applicants were buying apartments, with 70% intending to buy houses as their first property, potentially suggesting that many Aussies are looking to settle down and start a family. 

RELATED ARTICLE: First Home Buyers have FOMO when it comes to the property market, says ME 

Ready to start looking for your first home loan? Check out the table below or jump over to our first home loan comparison tool.

First Home Loans 2020 - page last updated September 26, 2020

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