The federal government reached a "key milestone" in delivering its First Home Buyers Scheme last week, introducing the National Housing Finance and Investment Corporation Bill.

Scheduled to commence in January, the First Home Buyers 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 NHFIC Bill provides a platform to establish the scheme that was announced in the lead up to this year's election.

Housing Industry Association Managing Director Graham Wolfe said the legislation addressed one of the greatest hurdles for first home buyers.

"Saving for a home deposit can take up to ten years or more," he said.

“The Government’s progress in bringing the Scheme to market is exciting news for first home buyers."

Mr Wolfe said 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, 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.” 

Click here for further details about the National Housing Finance and Investment Corporation Bill.

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