A controversial scheme for the Federal Government go halfsies with 10,000 first home buyers on mortgage deposits has been given the green light.

The National Housing Finance and Investment Corporation Amendment Bill 2019 gives the Morrison Government framework through which it will put up a guarantee for half of an approved first-timer’s home loan deposit — fast-tracking 10,000 FHBs into their first property on only half the usual deposit amount they would have had to have paid.

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The Bill — first introduced to the House of Representatives on September 12 and the Senate on September 18 — was finally passed by both Houses Tuesday afternoon.

In a joint statement with Minister for Housing and Assistant Treasurer Michael Sukkar, Treasurer Josh Frydenberg said the passage meant “first home buyers will be able to enter the property market sooner”.

The Bill covered implementation of the First Home Loan Deposit Scheme and the new research function of the National Housing Finance and Investment Corporation.

“The Scheme is designed to facilitate earlier access to home ownership for first home buyers, by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent,” the joint statement said.

“The Scheme will support 10,000 first home buyers each financial year.”

It said “the Government recognises that saving a deposit has become a more significant barrier to entering the housing market. It can take ten years for the average first homebuyer to save a 20 per cent deposit.”

The scheme is open to eligible applicants who have taxable incomes up to $125,000 a year for singles and up to $200,000 a year for couples.

“The Scheme will apply to owner-occupied loans on a principal and interest basis, and will be subject to regional price caps.”

As well as helping put FHBs into housing faster, the legislation created a new research body to “examine housing demand, supply and affordability in Australia”.

The race to beat affordability concerns amid record prices rises in recent years has also seen the Federal Government create the First Home Super Saver Scheme where Aussies voluntarily boost their super contributions — taxed at lower levels — to allow them to build a deposit for a first him.

Other measures in place include the allocation of $1 billion to the National Housing Infrastructure Facility “to unlock new housing supply, in partnership with local councils” and the release of Commonwealth land, including defence land, for housing development.

“These incentives have helped thousands of first home buyers enter the market. In the past year, more than 110,000 Australians bought their first home — the highest level since 2009.” the statement said.

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