The scheme supports first time buyers to enter the market with a deposit of just 5 per cent, while avoiding the cost of Lenders Mortgage Insurance.
Housing Australia reports major changes to the popular scheme include:
- No place limits: all Australian first home buyers who have saved a 5 per cent deposit can apply.
- No income caps: first home buyers with higher incomes can access the Scheme.
- Higher property price caps: to help home buyers where property prices have increased.
Here in Brissie property price caps will be raised to $1 million, up from $700,000. That’s welcome news for buyers given the city’s rapid price increases in recent times.
While critics are warning the scheme may unintentionally push up prices, first timers wanting to get into the market sooner will stand to gain big rewards.
A person buying a home for $1 million based on a 5 per cent deposit, instead of a 20 per cent deposit, would shave 10 years off their deposit saving journey and save a whopping $350,000 in rent, reports the ABC.
If that’s enough to get your jingle bells ringing, check out the full details on the Housing Australia website and get ready to buy from 1 October 2025.
Ready for Christmas to come early? View our current listings for sale.
Or contact us for a chat about anything real estate.
