On 12 September 2019, the Assistant Treasurer and Minister for Housing introduced the National Housing Finance and Investment Corporation Amendment Bill 2019 to Parliament. The Bill establishes the First Home Loan Deposit Scheme (FHLDS).
The FHLDS will provide a guarantee on eligible loans equal to the difference between the deposit (of at least 5 per cent) and 20 per cent of the property purchase price, with coverage broadly consistent with a parental guarantee. The FHLDS is intended to support up to 10,000 purchases of dwellings by first home buyers each year, and eligibility criteria incorporates income and regional dwelling price limits.
The RIS was prepared by the Department of Treasury. The RIS has been certified by the Department and assessed as compliant with RIS requirements by the Office of Best Practice Regulation.