FHLDS waitlists

Hi there,
I'm a first home buyer, and have been on a waiting list for the First Home Loan Deposit Scheme for about 7 weeks (NAB). Wanting to buy established, not new. Very frustrating watching Melbourne prices go up while we wait.

Does anyone know if a spot this financial year is likely, If at all? Anyone been on a list and had movement? Ive spoken to the NHFIC who mentioned the program is not yet confirmed for next year, but also not cancelled, and to standby for announcements. Sigh.

Appreciate any insights!

 

The issue is there are 10s of thousands of people waiting for a spot. Once it comes out the banks will be inundated with applications, while some aren't even taking FHLDS applications unless you have a signed contract.

 

Yea wow - to me, it seems quite bold to tee up a contract when you don't have a confirmed FHLDS place.

Do we think it will go ahead next financial year?

 

Hey Bloke,
My understanding is all spots for established property are taken for the whole pool. Some reserved spots will lapse, but it'll be a real lottery being able to get one of these few that do.
No word on new spots, if there were to be more then possibly F23 as part of potential upcoming election campaigns.

 

If you want to buy a property, don't rely on the FHLDS. It's been consistantly over subscribed within a few weeks every time there's an allocation. If you get an allocation that's great. If you're relying on an allocation, there's a good chance you'll be dissapointed and never get around to purchasing. Worse case you might end up buying a property and not be able to settle.

Earlier this year I made a decision as a broker to not deal in scenarios that are reliant on the FHLDS. It's simply too much of a risk for everyone involved.

 

All spots for exiting property have been allocated.
I've also been advised that any unused spots (someone has a spot but doesn't end up using it) are not being re-issued to people on the wait list, they're just being cancelled

BUT if you're looking at buying in VIC why not look at the Homebuyer Fund as an alternative option?
'Eligible homebuyers can now receive a contribution of up to 25% towards the purchase price of their property, reducing their minimum required deposit to 5% and avoiding the need to pay Lenders Mortgage Insurance.'

 

Thank you to all for these insights.

We have been considering the Homebuyer Fund, just didn't like how the Gov takes 25% (at first).

Any opinions/experiences with the HF? Could be a way to get in market.