The First Home Loan Deposit Scheme is a Australian Government initiative to support eligible first home buyers purchase a home sooner.
It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent.
The Scheme will support up to 10,000 loans each financial year, starting from 1 January 2020.
Initial dwelling price targets were achieved early; therefore the trends identified for 2020 will need to be reassessed.
Momentum in the property market is strong and leading indicators point to solid price rises continuing.
The outlook for population growth and dwelling investment, points to a housing shortage that will manifest over 2020.
Data for lending to households and businesses data for December 2018 was released earlier this week. This data series replaces the old housing finance and lending finance series and includes some different data. Specifically focusing on lending to households the data shows that the weakening of demand for mortgages has continued.