The Government has released for consultation the draft National Housing Finance and Investment Corporation (NHFIC) Investment Mandate Amendment (First Home Loan Deposit Scheme) Direction 2019.
The Investment Mandate is the mechanism through which the Government details its expectations of NHFIC and the NHFIC Board.
The draft Investment Mandate amendment details:
- how NHFIC is to issue the 10,000 guarantees per financial year related to first home buyer loans;
- eligibility criteria for the First Home Loan Deposit Scheme;
- the principles NHFIC is to follow in administering the First Home Loan Deposit Scheme; and
- the requirements of NHFIC in undertaking research into housing affordability in Australia.
The Government has also released for consultation a consequential amendment to the Australian Securities and Investments Commission Regulations 2001 to exclude guarantees issued by NHFIC under the First Home Loan Deposit Scheme from the definition of financial products.