THE Government is helping more Australians realise their dream of home ownership as five per cent deposits for all first home buyers launched on October 1.
Through the expanded five per cent deposit scheme, the government will guarantee a portion of the first home buyer’s loan, so they can purchase with a lower deposit and not pay Lenders Mortgage Insurance.
Member for McEwen, Rob Mitchell said the scheme will back a new generation of first home buyers.
“Five per cent deposits for all first home buyers will mean more people can get into their own home sooner,” he said.
“It levels up the playing field to back a new generation of first home buyers into the housing market.
“Now all first home buyers in McEwen will be able to buy a home of their own with a deposit of just five per cent.”
In McEwen, more than 1641 locals have been able to buy their first homes thanks to the scheme with no caps on places or income limits.
Property price caps will also be set higher in line with average house prices, providing access to a greater variety of homes.
To find our more, visit housingaustralia.gov.au/home-guarantee-scheme
