You may not think anyone over the age of 40 would be applying for their very first home, let alone anyone in their fifties - but Ripley's believe it or not, they are.
According to data from the National Housing Finance and Investment Corporation, 11% of applicants for the First Home Loan Deposit Scheme are aged between 40 and 59-years-old.
The scheme, which launched on 1 January, helps eligible first home buyers secure a home loan with a deposit as low as 5% without having to pay Lenders Mortgage Insurance (LMI).
Figures from NHFIC show that while the majority of applicants were aged between 18-29 (55%), 11% of applicants (roughly over 500) were over the age of 40.
The guarantee is limited to 10,000 loans each financial year. Since launching, nearly 6,000 guarantees have been reserved for first home buyers according to Housing Minister Michael Sukkar, who updated Parliament yesterday.
Of those, 3,000 places have progressed to pre-approval. Over 1,100 first home buyers in New South Wales have been given pre-approval, followed by Victoria (800), Queensland (700), Western Australia and South Australia (150 each), and over 100 in Tasmania, the Australian Capital Territory and the Northern Territory.
"It's very pleasing that these places have been distributed throughout the country in cities, regional centres and rural areas and also the scheme is reaching the Australian's the Prime Minister wanted us to reach, people on middle incomes," Mr Sukkar said.
According to the NHFIC, the average income for singles who have applied for the scheme is $67,000 while the average income for couples is $110,000. That's compared with the scheme's income threshold of $125,000 for singles and $200,000 for couples, which previously came under fire for being too high.
CoreLogic's Head of Residential Research Australia Eliza Owen recently said the income thresholds risked giving advantage to those who could have gotten into the scheme without assistance.
"That is because they can save a 5% deposit more quickly, and the scheme is currently limited to 10,000 guarantees a year, awarded on a 'first-in, first served basis. High income earners are being offered the same advantage as lower income earners," Ms Owen said last month.
"The scheme, in its current state risks awarding home ownership to those who may have otherwise attained it with time."
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