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Government Introduces First Home Loan Deposit Scheme for middle income earners

The Government has introduced the First Home Loan Deposit Scheme (“the Scheme”).

The Scheme will enable first home buyers to purchase a home with a deposit of as little as 5%. The Scheme will assist 10,000 first home buyers each financial year.

The Government states that “saving a deposit has become a more significant barrier to entering the housing market than the ability to service a home loan. It can take ten years for the average first home buyer to save a 20 per cent deposit.”

Eligibility criteria applies, including having taxable income per annum of less than:

  • $125,000 for singles; and

  • $200,000 for couples.

 

The Scheme:

  • Only applies to owner-occupied loans;

  • Must be on a principal and interest basis; and

  • Will be subject to regional price caps.

 

The other Scheme complements the “First Home Super Saver Scheme” which allows first home buyers to make voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into their super fund to save for their first home.

If you need assistance buying or selling a property, we can assist you with conveyancing, or if you need assistance obtaining finance, we can refer you to a reputable broker.

 

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EMMA ROWLES

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Email : emma@ronwinterlegal.com