The Australian Government are working to make home ownership easier for young Australians with the introduction of the First Home Buyers Deposit Scheme.
| APPLICATIONS OPEN JAN 1, 2020
CALLING ALL FIRST HOME BUYERS!
Home ownership remains the Great Australian Dream and buying your first home is one of the most important purchases you will make in your lifetime. Many first home buyers have carefully saved for a deposit and long awaited their dream becoming a reality. Until now, first home buyers have traditionally had to demonstrate a savings of around 20% the property’s value however the introduction of the First Home Loan Deposit Scheme is about to change that. From January 1, 2020 eligible borrowers will be able to purchase a new home with a 5% deposit, while the Government will provide a loan guarantee of up to 15% the property’s value making the pathway to first home ownership more achievable for many Australians.
According to announcements, The Commonwealth Government has allocated $500 million in the form of equity to the National Housing Finance and Investment Corporation (NHFIC) with the aim is to make housing more affordable for singles earning up to $125,000 and couples earning up to $200,000 per year. The scheme could also save borrowers up to $10,000 in lenders mortgage insurance. Combine this with possible State Government incentives dependent on eligibility, such as the First Home Owners Grant and stamp duty or transfer duty concessions… there has never been a better time to enter the property market.
Time is of the essence, with applications opening on January 1st and a limit of only 10,000 First Home Loan Deposits available.