This article is from the Australian Property Journal archive
THE federal government will expand by the First Home Loan Deposit Scheme by an additional 10,000 places.
Treasurer Josh Frydenberg said from October 06 an additional 10,000 first home buyers will be able to purchase a new home sooner.
“Our First Home Loan Deposit Scheme has already helped almost 20,000 first home buyers purchase a home this year with a deposit as low as 5%.
“The government recognises that saving a deposit has become a more significant barrier to entering the housing market than the ability to service a home loan,” he added.
Under the existing First Home Loan Deposit Scheme, eligible first home buyers can purchase a home with a deposit of as little as 5%.
Building on the success of the existing scheme, an additional 10,000 first home buyers will be able to obtain a loan to build a new home or purchase a newly built home with a deposit of as little as 5%.
Frydenberg said eligible first home buyers will also be able to take advantage of the government’s First Home Super Saver Scheme and HomeBuilder, and first home buyers may also be eligible for state and territory grants and concessions.
“Combined, the First Home Loan Deposit Scheme, Homebuilder and First Home Super Saver Scheme represent an unprecedented level of Government support for home buyers and the construction industry alike.” the Treasurer said.
