Deposit guarantee scheme swamped

First homebuyer rush

It has been observed that very often in the past government grants and schemes often end up being over-subscribed versus expectations.

The HomeBuilder stimulus was one such example - it started slowly, and then ballooned to drive the largest detached homes building boom in recent memory. 

In recent weeks we have seen housing prices moving faster in the bottom quartile of the market, as the government's revamped 5 per cent deposit guarantee scheme for first homebuyers cranks into gear. 

In New South Wales and south-east Queensland we have seen first-hand examples of first homebuyers bidding against investors for the same entry-level housing stock. 

There are no limits no on incomes now for the deposit guarantee scheme, nor are there any limits on the number of applicants into the scheme. 

A further anecdote today from one of Australia's lenders...

(h/t @ Rim John, X)

It looks like some lenders may be struggling to keep up with the pace of applications. 

There could be a Xmas rush on.

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