If buying a new home feels out of your reach don’t despair, Gott Realty and finance broker Brisbane Home Loans are excited to tell you about a first home deposit scheme to make buying a home easier.
It’ll mean more first time home buyers will have the opportunity to settle into their dream home sooner rather than later.
Save for Your First Home Sooner
What if we told you there was a way you could save a deposit for your first home 3 years quicker than what you thought?
We asked the team at Brisbane Home Loans to give you a bit of an insight into a proposed Government scheme that will see first time buyers in Brisbane with a deposit as much as 3 years earlier.
- First home buyers who qualify for the scheme are guaranteed a deposit for their first home.
- Buyers will need just 5% of the purchase price to secure a loan from any lender.
- The Federal Government is looking into borrowing $500 million to invest the money in the National Housing Finance and Investment Corporation which would, in turn, offer the guarantees to first home buyers.
Crunching the Numbers
It’ll be a case of first in first dressed, with the scheme likely to be capped at 10,000 loans every year.
- Breaking it down, this will translate to roughly 1 in 10 potential first home buyers being successful and participating in the program (based on approximately 100,000 new home loans last year).
- The National Housing and Investment Corporation would support the buyers for the life of their home loans or until the value of the property rises to a point where they choose to refinance.
- The scheme is expected to be 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.
When will the scheme start?
Full details haven’t been released yet but a possible start date of January 2020 has been highlighted for the program to start.
If you are considering purchasing your first home in the future, register your interest with Brisbane Home Loans today. Start Your Home Buying Journey call 1300 730 997.
First Home Deposit Scheme to make Buying a home easier
Read the original version of this blog from Brisbane Home Loans here.
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