First Home Buyer

First Home Buyer

Buying a first home is now easier

A recent article by Ben Pike quotes : First-Home buyers and single parents are able to get into the property market sooner after the federal government expanded the Home Guarantee Scheme last week.

From July 1, the scheme has added 25,000 more places to existing 10,999 places that support first-home buyers to buy, using a deposit as little as 5%. It has also created 5,000 new places for single parents with dependents to buy a home with a deposit of 2% or less.

The move is expected to increase the amount of homes that can be purchased under this scheme.

Urban Development Institute of Australia national president Max Shifman said “they support any measures that helps make housing more accessible to more people”.

“The announcement from the National Housing Finance and Investment Corporation of 40,000 new places under the Home Guarantee Scheme is a positive step in that direction.” he said.

“The expanded scheme will mean the difference between getting into a home sooner, or for some Australians spending more time in an accelerating rental market.”

The scheme has also added five non-major lenders to its lender panel, brining the total number of participating lenders up to 32.

Urban Taskforce CEO, Tom Forrest, said “Each of these initiatives give the private sector housing industry confidence to proceed with construction and deliver housing supply”.

“Having confidence that first-home buyers will still be in the market when the new homes are completed is critical to ensuring that supply is increased,” he said.

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