Around half of the applicants for the Federal Government’s First Home Loan Deposit Scheme are single – and looking to buy their home outside of Sydney, Melbourne or Brisbane, shows Government data. According to Nerida Conisbee, chief economist with REA Group, the desire for buyers to purchase outside the major cities is a reflection on the high entry price points of those cities, which is good news for regional areas and the smaller cities.
Single participants who have been accepted are earning an average salary of $67,126 a year while couples averaged $111,534. Under the scheme, the income threshold is $125,000 a year for singles or $200,000 for couples.
The latest figures from the National Housing Finance and Investment Corporation show that while most of the applicants are aged 25 to 29 (34%), 11% of the applicants are aged between 40 and 59.
Domain economist Trent Wiltshire says the pension asset test is skewed towards home owners and that there will be more people buying their first home in their 50s.