PHOTO: First Home Loan Deposit Scheme

As the Federal Government readies to bring down its October budget, an expansion of the first-home buyer loan scheme could be on the cards, following a rush of demand.

National Housing Finance and Investment Corporation figures show that over 40 per cent of the 10,000 available slots have been filled in less than a month. In comparison, the first 10,000 places were filled over a period of six months, between January and June this year.


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Housing Minister Michael Sukkar told The Australian the government is “doing all we can to help Aust­ralians get into a home of their own sooner”, calling the scheme “critical in driving first-home buyer confidence” during this economic downturn.

“By delivering our loan guarantees, we are helping Australians cut years off the time it takes to save, as first-time buyers can now purchase a home with a deposit of as little as 5 per cent,” Mr Sukkar said.