Queensland First Home Buyers Benefit Most From Support

First Home Buyers

October 10, 2021

Queensland First Home Buyers benefited the most from the First Home Loan Deposit Scheme (FHLDS) and the New Home Guarantee (NHG) by population in 2020-2021. 

The First Home Loan Deposit Scheme (FHLDS) helps approved First Home Buyers buy their home sooner by the government guaranteeing the difference between the 5% or more deposit and the 20% deposit that lenders require. Without this guarantee, the borrowers need to save up and pay for (expensive) Lenders Mortgage Insurance. Read more here.

The New Home Guarantee (NHG) is similar to the FHLDS but for new and off-the-plan homes. You can find out more here.

The National Housing Finance and Investment Corporation released a report on the funding and support provided to first-time homeowners during 2020-2021.

Relative to population share, demand for the FHLDS and NHG was strongest in Queensland, which accounted for 26% of FHLDS guarantees issued and 27% of NHG. This compares with Queensland representing 20% of Australia’s population.

Planning to buy a home soon? You can find out more about the FHLDS and NHG from your mortgage broker or lender or click here.

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