First-home buyers snapping up property with First Home Loan Deposit Scheme despite coronavirus crisis

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PHOTO: Rayen Gouli and wife Sabina Lama outside their first home. Photo: Stephen McKenzie

It’s not a tale told often but Rayen Gouli and his wife Sabina Lama bought their first home much sooner than they expected to.

The couple were one of thousands of first-home buyers approved for the federal government’s First Home Loan Deposit Scheme that was introduced in January.

The scheme allowed the couple to buy their three-bedroom home in the Melbourne suburb of Wollert with a 5 per cent deposit with the federal government as a guarantor for the remaining 15 per cent – meaning they didn’t need to pay lender’s mortgage insurance.

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“Our timeline for saving was brought forward by about eight to 12 months,” Mr Gouli told Domain.

Of the 10,000 places available, the latest statistics from federal Minister for Housing Michael Sukkar show that nationally 4147 certificates have been issued for those who have already bought a property.

A further 3909 places are on hold waiting for the purchase of a property while only 1944 places are still available. However, they may not be around for much longer, with applications via 27 different lenders still being worked through.