New data released by the Housing (Supply) Minister shows the Federal Government’s First Home Loan Deposit Scheme is already helping millennials achieve their home ownership aspirations and giving a boost to regional areas, according to HIA Chief Executive Industry Policy, Kristin Brookfield. 

“The data shows that 34 per cent of applicants are aged between 25 and 29, while 76 per cent of applicants are aged between 18 and 34, with millennials making up the largest share," said Ms Brookfield.

"This represents 3,055 first home buyers taking the opportunity to buy their first home sooner. 

At a Glance:

• 34 per cent of applicants are aged between 25 and 29
• 76 per cent of applicants are aged between 18 and 34
• 3,055 first home buyers taking the opportunity to buy their first home sooner

“These figures ring true with research undertaken for HIA in 2018 which found that 92 per cent of renters aspire to own their own home, yet only 49 per cent believe they will achieve that dream. The Scheme is clearly helping. 

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Source: Australian government

Ms Brookfield said where first home buyers are looking to live is also encouraging.

"A large number of applicants, including millennials, are looking to buy outside the major cities of Sydney, Brisbane and Melbourne," said Ms Brookfield.

"This suggests that people are starting to think outside the box (and the capital cities) when they think about buying their first home. 

“The house price cap in these locations is on average around $400,000 and even then the data shows most borrowers are seeking approval to buy houses below that maximum price." 

According to Ms Brookfield, free standing houses are the most popular purchase with the scheme, which tends to suggest people are buying existing homes, rather than new homes. 

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Source: Australian Government

"This is something HIA has raised with the Government and we will continue to investigate as the Scheme matures to ensure first home buyers have a choice," said Ms Brookfield. 

“There is no simple or single solution to increasing the rates of first home ownership but it is important to ensure that at the heart of any incentive scheme, greater housing supply is a core objective.

“No doubt this strong early take up will encourage the Government to think about increasing the number of places for the scheme in 2021."

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