Scheme sees local spike in homebuying
A report has revealed Rockingham as the top postcode in the State accessing the First Home Loan Deposit Scheme.
The FHLDS Trends and Insights report, released by the National Housing Finance and Investment Corporation, found one in eight first-homebuyers had purchased under the scheme between March and June.
It also revealed a list of the top postcodes accessing the scheme in WA with City of Rockingham postcodes 6171 (Baldivis) and 6169 (Safety Bay, Shoalwater, Waikiki, Warnbro) topping the list.
The scheme also proved popular in Kwinana and Mandurah, with postcodes 6167 and 6210 making the top 10.
Announced by the Government on January 1, the scheme guarantees first-homebuyers the purchase of a home with a deposit as little as 5 per cent of the value of the property, subject to eligibility and lender credit criteria. Based on NHFIC’s analysis, the scheme enabled first-homebuyers without alternative financial means to bring forward their purchase by an average of four years.
Warnbro couple Margaret and Mark Powell are among the local homebuyers to benefit from the scheme.
“We thought we wouldn’t have a deposit big enough,” Mrs Powell said. “If we didn’t have access to the scheme it would have taken another few years.”
The couple, who are Defence Bank customers, said the process was much easier than anticipated.
“We didn’t think purchasing a home would be so smooth, we thought it would be a harrowing experience but it was so easy dealing with Anna and Sue at Defence Bank,” Mrs Powell said.
“It was so smooth, just boom boom boom, they took over and we didn’t have to stress about anything.
“My advice to other first home buyers is just do your budget well, make sure you don’t have any outstanding debts, clear all those first. See that you can afford to put money away and pretend it doesn’t exist and put it somewhere that you can’t access.”
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