The First Home Loan Deposit Scheme – to be renamed the Home Guarantee Scheme – allows eligible buyers to purchase a home with as little as a 5 per cent deposit and avoid pricey lenders’ mortgage insurance thanks to a government guarantee.
For Brissie buyers this shaves your average home deposit saving time from 4 years and 10 months for a 20 per cent deposit, down to 1 year and 3 months for a 5 per cent deposit, reports Domain.
What’s the catch?
To access the guarantee, you need to earn less than $125,000 if you’re buying solo, or $200,000 as a couple, and you must be buying a home to live in, not to rent out.
Also, your purchase price must be capped at $600,000 if you’re buying in Brisbane. That opens up a big chunk of the Brissie market so you’re not stuck for choice.
For CBD proximity Domain suggests checking out this list with median prices below the cap and distance to the city ranging from 10km to 19km:
- Hemmant
- Acacia Ridge
- Fitzgibbon
- Inala
- Thorneside
- Forest Lake
- Capalaba
Don’t like what you see? Don’t fret. Median values are in essence the middle price point of a suburb. Some homes will be more expensive, others cheaper. Pick a suburb you like and start your search. If you’re priced out, check neighbouring suburbs further out. The northern corridor has some great bargain buying in popular suburbs!
Ready to make your move on to the property ladder? View our current listings for sale.
