Announced in March as part of the Federal Budget, the changes to the Help to Buy scheme aim to ensure more first time buyers are eligible for the scheme.
Annual income caps are now set at $100,000 for a single applicant and $160,000 for joint applicants and single parents.
Brisbane property value limits are now set at $1 million, reports the ABC.
Help to Buy is a shared equity scheme where the government essentially stumps up part of the purchase price so buyers can borrow a smaller amount and pay a smaller deposit, while still enjoying sole usage of the property. Eventually the buyer pays out the government share when they sell or refinance the property.
A program start date has yet to be announced but it is expected to open with 40,000 places on offer. Some critics have called for more places to provide greater assistance to first timers.
You can check the Housing Australia website for more information as it’s released.
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