The recent First Home Loan Deposit Scheme report shows more Australians have been able to buy into the market thanks to Government listening to industry, says REIA president Adrian Kelly.
The Real Estate Institute of Australia (REIA) today welcomed the release of the NHFIC First Home Loan Deposit Scheme Trend and Insight Report as a win for first home buyers in cities and regions.
REIA President Mr Adrian Kelly said the report found that the First Home Loan Deposit Scheme is working for a truly national Australian property industry for first home buyers in metro, regional and rural areas.
“The scheme has supported first home buyers across all states and territories, as well as cities and regions,” said Mr Kelly.
At a Glance:
“62.3 per cent of scheme first home buyers bought in major cities with 37.7 per cent purchased in Australia’s regions which is broadly in line with our national population distribution of 67.7 per cent of Aussies living in major cities and 32.3 per cent in regional areas.”
Mr Kelly said the report shows promising signs that a long-standing policy of REIA, for an equitable approach for first home buyers in Australia’s regions, is being achieved through the Scheme.
“REIA strongly advocated for regional equity with the establishment of the National Housing Finance and Investment Corporation (NHFIC) in 2019,” said Mr Kelly.
“This included a mechanism for decision-making ensuring equitable distribution between states and metropolitan/non- metropolitan recipients across lenders, jurisdictions, regions as well as transparency of reporting.”
Mr Kelly said the report builds a strong case for the Scheme to be extended to all first home buyers in Australia.
“In the lead up to the 6 October 2020 Budget, REIA has recommended an expansion of the Scheme to include all first home buyers.”
“We congratulate Minister Sukkar for listening to industry’s advice to date and to consider expanding on the success of the Scheme in the 2020 Budget to help more Australians achieve home ownership.” concluded Mr Kelly.
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