More help for first home buyers

13 Feb More help for first home buyers

The new year means more help for first home buyers to get on the property ladder. The new First Home Loan Deposit Scheme came into effect on 1 January 2020 and seeks to provide eligible first home buyers on low and middle incomes with a guarantee so they can purchase a residential property with a deposit of as little as 5%. Currently, only 7,000 places are available with 3,000 having already been taken up, but 10,000 more places will be released in July. Eligibility depends on the financial circumstances of the applicants as well as the property value.