Prime Minister Scott Morrison has outlined a major plan to help younger Australian’s buy their first homes, with the announcement of the First Home Loan Deposit Scheme.
Set to provide a helping hand for first home buyers saving for a home deposit, the $500 million scheme will underwrite 15 per cent of the home’s value — allowing first home buyers to more quickly, and easily, meet the 20 per cent deposit requirement.
Available to first home buyers with an income of up to $125,000 or a couple with $200,000 where they are both first-home buyers, the scheme is expected to attract more buyers to Sydney’s regions. It will also inadvertently drive new housing projects that will support job growth and housing supply in key growth areas such as Liverpool, heightening interest in what has already been marked as the most popular suburb amongst First Home Buyers.
With the Liberal government retaining power over the weekend, the new policy is reported to be available as soon as January 2020, signalling excellent news for young Australians eager to enter the property market.