NORTH-EAST: 5% deposits launched
The Federal Government is helping more Australians realise their dream of home ownership, with 5 per cent deposits for all first home buyers launched last week (Wed., Oct. 1).
Through the expanded 5 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.
“Five per cent deposits for all first home buyers will mean more people can get into their own home sooner and levels up the playing field to back a new generation of first home buyers into the housing market,” McEwen MHR Rob Mitchell (pictured) said.
“We want to help young people and first home buyers achieve the dream of home ownership sooner and now all first home buyers in McEwen will be able to buy a home of their own with a deposit of just 5 per cent.”
In McEwen, more than 1641 locals have been able to buy their first homes thanks to the expanded 5 per cent scheme.
Under these changes, all first home buyers in McEwen will have access to 5 per cent deposits, with np 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.