As part of the Morrison Government’s economic recovery plan to create jobs, rebuild the economy and secure Australia’s future, an additional 10,000 first home buyers will be able to purchase a new home sooner under the Federal Government’s First Home Loan Deposit Scheme.

The First Home Loan Deposit Scheme has already helped almost 20,000 Aussie first home buyers purchase a home this year with a deposit as low as 5 per cent.

An additional 10,000 places will be provided from 6 October 2020 to support the purchase of a new home or a newly built home.

Member for Barker Tony Pasin said the Federal Government recognises that saving a deposit has become a more significant barrier to entering the housing market than the ability to service a home loan.

“Under the existing First Home Loan Deposit Scheme, eligible first home buyers can purchase a modest home with a deposit of as little as 5 per cent,” Mr Pasin said.

Building on the success of the existing scheme, an additional 10,000 first home buyers will now be able to obtain a loan to build a new home or purchase a newly built home with a deposit of as little as 5 per cent.

The additional guarantees will be available until 30 June 2021. “Not only is this helping achieve the dream of home ownership for an additional 10,000 buyers, but it will drive more construction and support jobs as part of our Economic Recovery Plan.”

“This is great news for our housing and construction sector, real estate sector and local timber industry here in Barker,” Mr Pasin said.

Eligible first home buyers will also be able to take advantage of the Morrison Government’s First Home Super Saver Scheme and HomeBuilder, and first home buyers may also be eligible for state and territory grants and concessions.

“Combined, the First Home Loan Deposit Scheme, Homebuilder and First Home Super Saver Scheme represent an unprecedented level of Government support for home buyers and the housing and construction industry alike,” Mr Pasin said.