Many of those applying for the Federal Government’s new First Home Loan Deposit Scheme are single and aged over 35.

New figures from the National Housing Finance and Investment Corporation show of the first 3,000 applicants, 25% are aged 35 or older; some are aged in their 40s and 50s.

And the vast majority (60%) of applicants are single.

Many have incomes that fall well below the thresholds, giving those on lower incomes hope for buying their first property.

“The average income for applicants with pre-approvals is well below
the threshold for both singles and couples, allowing those on a modest income to buy their first home,” says NHFIC’s chief executive officer Nathan Dal Bon.

So far, the median taxable income is about $68,000 for singles and $108,000 for couples.

This is well below the selection criteria which dictates that individual applicants cannot have a taxable income of more than $125,000 and couples cannot be earning more than $200,000.