The National Housing Finance and Investment Corporation (NHFIC) has provided additional detail following the news the initial round of 10,000 First Home Loan Deposit Scheme (FHLDS) guarantees have been claimed.
The group confirmed that while all 10,000 reservations have been taken, some applicants are still going through their eligibility checks and loan application processes with their lenders, meaning places could become available if the original applicant doesn't actually proceed to buying a property.
As of 27 May, over 5,500 of the guarantees have been officially issued, while the other 4,500 applicants are still in the process of finding their home.
Just under half (44%) of the applications have been made through mortgage brokers, according to the NHFIC.
Additionally, the trend quickly established in the scheme’s first month of operation has held true, with the average income of applicants remaining “well below” the thresholds which were put in place.
The average income of single applicants was nearly half of the $125,000 cap, coming in at $67,387.
Similarly, the average income for couples was $109,525 as compared to the $200,000 limit.
Another key trend already made clear in the first month of operation was that the majority of applicants were single (59%) as compared to those who were couples (41%).
Well over half (58%) of the applicants were under the age of 30 years old, with just 11% in their forties or beyond.
Further, the NHFIC has confirmed that another 10,000 places will be available from July 2020.