THE FEDERAL Government is helping more Australians realise their dream of home ownership, today launching five per cent deposits for all first home buyers.
Through the expanded five per cent deposit scheme, the Albanese Government will guarantee a portion of a first home buyer’s loan, so they can purchase with a lower deposit and not pay Lenders Mortgage Insurance.
In Greenway, more than 1,700 locals have already been able to buy their first homes thanks to Labor’s expanded 5 per cent deposits scheme.
Under today’s changes, all first home buyers in Greenway will have access to 5 per cent deposits, with no 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.
From today, property price caps in Greenway will be raised from $900,000 to $1.5M, meaning a first home buyer will have more options to choose from.
For a first home buyer in Greenway looking to purchase a $1.35M home, Labor’s five per cent deposits will save them $202,500.
To find out more, visit www.housingaustralia.gov.au/home-guarantee-scheme
Attorney-General and Member for Greenway Michelle Rowland said: “We want to help young people and first home buyers achieve the dream of home ownership sooner.”
“From today, all first home buyers in Greenway will be able to buy a home of their own with a deposit of just 5 per cent – cutting years off the time it takes to save for a deposit.”
