NEW FINANCIAL YEAR EQUALS NEW OPPURTUNITY FOR FIRST HOME BUYERS: REIA

July 1st,2022

The Real Estate Institute of Australia (REIA) has welcomed the Australian Government’s release of 40,000 places for the Home Guarantee Scheme (HGS).

 

REIA President, Mr Hayden Groves said the REIA is advising aspiring first time buyers to speak to their broker and secure a place.

 

“For agents, we urge them to ensure potential first home buyers and tenants looking to get into home ownership are aware of the scheme in particular,” he said.

 

Mr Groves said that while the REIA welcomes these new oppurtunities, rising interest rates and inflation remain key issues impacting first home buyers.

 

“We have already seen home buyer activity ease off due to renewed investor interest in the market and rising interest rates, but it is great to see this support come online as post pandemic economic conditions set in.

 

“The number of loans to first home buyers was down a whopping 32.8% on what was recorded a year ago however new loan commitments to this market increased 4.2% in March after two months of decreases.

 

“Hopefully these conditions allow the marketplace to stabilise and offer new opportunity for first time buyers to secure their own slice of the great Australian dream.”

 

HGS comprises the First Home Guarantee Scheme (FHBG, previously known as the First Home Loan Deposit Scheme and the Family Home Guarantee (FHG). So far, it has helped more than 61,000 Australians purchase their first home.

Expansion of the Scheme was a priority outcome as part of REIA’s Getting Real.