The lenders participating in the government's First Home Loan Deposit Scheme (FHLDS) have been informed that the 5,000 spots set aside for non-majors have been allocated.
Lenders are taking a range of approaches for how to handle the extra applications yet to be placed as well as those lodged between now and when the next round of spots are made available on 1 July 2020.
Tasmania-based MyState Bank plans to put the “small number” of applications in progress which have not been given a scheme spot into a queue so that, when possible, they will be given a place as one becomes available.
Mutual P&N Bank has taken a similar approach. It will continue to accept reservation requests which will be input into the scheme portal where they will wait either for a new place which was previously allocated to become available, or for the next round of places to be released on 1 July.
According to the bank, requests will be prioritised in the order of the input time and date they were originally received.
However, other lenders like Teachers Mutual Bank Limited, are opting for a different approach.
The bank communicated that while it had allocated spots available to “most applications” received up to 21 May, the bank will not be maintaining a waiting list for hopeful buyers who have yet to nab a placement.
Rather, applications which were not already allocated a place under the scheme will need to be resubmitted once the government issues “official communication” that the next allotment of certificates have been made available.