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A word from your mortgage broker
The government's plan to help first-home buyers break into the property market by lowering the required deposit amount is believed by many to be a step towards achieving affordability. With house prices on a downtrend, how much do these buyers have to outlay for a deposit?
Under the First Home Loan Deposit Scheme, first home buyers who are struggling to reach the 20% deposit requirement by lenders will be given a chance to apply for a home loan with a down payment of as little as 5%. The scheme will start by January 2020 and will be available to single first-home buyers earning up to $125,000 annually and couples taking home up to $200,000 per year. The government plans to help around 10,000 first-home buyers annually with the scheme.
For more information please contact the team at Oak.
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