Details have been released on how the government is assisting first home buyers to purchase their first property.
The Government during elections had promised to help First Home Buyers which they seem to have done via the First Home Buyer Deposit scheme via which the government will guarantee 15 per cent of the deposit but the buyers will still borrow 95 per cent of the purchase price for ten thousand buyers per financial year. They will however not have to pay for Loan Mortgage Insurance.
The purchasers will have to have an income up to $200,000.00 per year for a couple and $125,000.00 for an individual to qualify for this scheme which starts from 1 January 2020.
You can read more about the First Home Buyers Deposit Scheme.
