Prime Minister Scott Morrison said first home buyers were set for a significant leg up with a new initiative to slash the size of a home loan deposit.
“The First Home Loan Deposit Scheme will mean first home buyers won’t need to save for a full 20 per cent deposit, so Australians can get a loan and into the market faster,” he said.
“The Scheme will also help first home buyers save around $10,000 by not having to pay Lenders Mortgage Insurance.
“The First Home Loan Deposit Scheme will be available to first home buyers who have been able to save for a deposit of at least 5 per cent.”
The Federal MP for Banks, David Coleman, has welcomed this news, saying it will help people achieve their goals years faster.
“The scheme will be available to first-home buyers with an income of up to $125,000, or $200,000 for a couple who are both first home buyers,” he said.
“This means, if you’re a couple earning under $200,000, or an individual earning under $120,000, and you want to buy your first home valued at $600,000, you will only need to save a deposit of $30,000.”
However, it is a commitment that has been matched by Labor with Federal MP for Blaxland, Jason Clare, saying first home buyers know the Liberals are out of touch and only for the top end of town.
“After six years of failure, and six days before an election, the Liberals are desperately trying to tell young Australians they understand their struggles to buy their first home,” he said.
“We back genuine support for first home buyers – that’s why we are also reforming negative gearing for future purchases, so young Australians don’t have to keeping losing out to wealthy property speculators.”
Big win for first timers
FIRST home buyers will be big winners at the Federal Election with the Liberal and Labor parties committing to give them a helping hand.
