The Minister for Housing and Assistant Treasurer, Michael Sukkar, has announced that the federal government is to reissue unused First Home Loan Deposit Scheme (FHLDS) guarantees from the 2019/2020 financial year.
In February 2020, the government granted up to 15 percent of the value of the property to help first-home buyers secure a loan without having to pay Lender’s Mortgage Insurance (LMI), in a bid to help more borrowers enter the property market faster.
Since the commencement of the scheme a year ago, about 15,000 first-home buyers have settled and moved into their properties.
However, nearly 2,000 guarantees were not finalized, due to the buyers not settling on their purchase. The Morrison Government will reissue these unused guarantees in order to further support first-home buyers.
“This represents a great opportunity for around 1,800 buyers to now enter the property market sooner. First home buyers will be able to apply for these guarantees from the scheme’s lending panel lenders in the coming days.”
More information on the reissued FHLDS guarantees will be released in the coming days.
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