The First Home Loan Deposit Scheme
The recent election win by the Liberal-National Party Coalition means that the possibility of first home buyers being given deposit assistance is one step closer.
Prior to the election, Prime Minister Scott Morrison pledged a First Home Loan Deposit Scheme to help eligible first home buyers purchase a house with a deposit as low as 5 per cent, meaning first home buyers won’t need to save for a full 20 per cent deposit to secure a home.
The Scheme will also help first home buyers save around $10,000 by not having to pay Lenders Mortgage Insurance.
The First Home Loan Deposit Scheme, which will start on 1 January 2020, will be targeted towards first home buyers earning up to $125,000 annually or $200,000 for couples.
The value of homes that can be purchased under the Scheme will be determined on a regional basis, reflecting the different property markets across Australia.
Under the Liberal government, more than 110,000 Australians bought their first home in 2018 – the highest level in nine years. The First Home Loan Deposit Scheme will offer even more support with up to $500 million in the form of equity through the National Housing Finance and Investment Corporation to focus on improving housing affordability.
It looks like you’ll be able to secure your home at Kingslea Broadmeadows sooner than you thought, thanks to the Morrison Government’s new scheme!
Discover more information on the First Home Loan Deposit Scheme here.