Boost for First Home Buyers

The Government will launch their First Home Loan Deposit Scheme on 1st January 2020. The scheme states that first home buyers will now only have to save a 5% deposit helping them get into the market faster. The Scheme could also provide a $10,000 saving by not having to pay Lenders’ Mortgage Insurance.

The scheme will apply to first home buyers only and looks likely to have an earnings cap around $125,000 for individuals and $200,000 for couples.

The maximum property value able to be purchased under the Scheme will be determined later but it is expected to reflect the different property markets throughout Australia.