FIRST home buyers in Corangamite and the Greater Geelong region will receive a helping hand to get into the housing market through a new Morrison Liberal Government initiative to cut the amount of money needed for home loan deposits.<\/p>\n
Corangamite federal member said saving a deposit for your first home could be a real struggle, with most banks and lenders requiring a minimum 20 per cent deposit or at the very least forcing borrowers to pay tens of thousands of dollars for mortgage insurance if they save less than that.<\/p>\n
\u201cFrom 1 January next year, a reelected Morrison Government will give Corangamite first home buyers the chance to get into the market with a deposit of 5 percent and without the need to take out expensive mortgage insurance, through a First Home Loan Deposit Scheme,\u201d she said.<\/p>\n
The loans would be supported by the National Housing Finance and Investment Corporation (NHFIC).<\/p>\n
This would allow lenders to offer loans they would otherwise turn down or would require lenders mortgage insurance on.<\/p>\n
The scheme will be available to firsthome buyers with an income of up to $125,000, or $200,000 for a couple who are both first home buyers.<\/p>\n
\u201cThis means, if you\u2019re a couple earning under $200,000, or an individual earning under $125,000, and you want to buy your first home valued at $600,000, you will only need to save a deposit of $30,000, instead of $120,000,\u201d Ms Henderson said.<\/p>\n
\u201cIt will be capped to a house price value determined on a regional basis, reflecting the different property markets across Australia.<\/p>\n
\u201cThe new First Home Loan Deposit Scheme together with our existing First Home Super Saver Scheme that allows Australians to save for a deposit fast through superannuation accounts, will help people achieve their goals years faster.\u201d<\/p>\n
Not long after it was announced, the Labor Party said it would match the Morrison government first home buyer deposit scheme pledge if elected.<\/p>\n","protected":false},"excerpt":{"rendered":"
FIRST home buyers in Corangamite and the Greater Geelong region will receive a helping hand to get into the housing market through a new Morrison Liberal Government initiative to cut the amount of money needed for home loan deposits. Corangamite federal member said saving a deposit for your first home could be a real struggle, […]<\/p>\n