The Government’s introduction of the National Housing Finance and Investment Corporation Bill (NHFIC) will provide a platform to establish the First Home Buyer Deposit Scheme announced during this year’s Federal election.
The HIA welcomed the move, with Managing Director Graham Wolfe saying the introduction of legislation by the Treasurer, the Hon. Josh Frydenberg, to support the home ownership aspirations for 10,000 first home buyers was a key milestone in delivering an important election commitment.
“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,” Mr Wolfe said.
“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 HIA also applauded 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.
“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,” Mr Wolfe said.