Federal First Home Buyers Scheme Launched
On January 1, 2020 the Federal Government launched a scheme to assist first homeowners to enter the property market with a smaller deposit.
They will assist 10,000 borrowers eligible for the First Home Loan Deposit Scheme to buy a home with as little as a 5% deposit, as opposed to the normal 20%. The government will provide a loan guarantee of up to 15% of the property’s value to individuals earning up to $125,000 or couples earning up to $200,000 per year. The scheme could also save you up to $10,000 in lenders mortgage insurance.
Housing affordability is one of the most challenging economic and social issues faced in Australia; and any government incentives that assist people to enter the market and realise the ‘Great Australian Dream’ of owning their own home, is a step forward to future security as well as a sound investment in capital gain over time.
There is also the New South Wales Government incentive of $10,000 on buying or building a new home for valued at less than $600,000.
Click here to find out more about the federal government’s First Home Loan Deposit Scheme.
Click here to find out more about the state government’s incentives for first home buyers.