The scheme allows first home buyers to purchase a property with as little as 5 per cent deposit, backed by a government guarantee, which avoids the need for costly lenders mortgage insurance.
This dramatically reduces the hurdle of saving a full 20 per cent deposit – which can be extra hard if you’re saving on a single income.
Outside of Sydney, more than half of the scheme’s applicants to date are single, reports ratecity.com.au.
The average income for single applicants has been $67,126, while couples are bringing in $111,534 on average.
Most scheme applicants are purchasing a house, while 25 per cent are buying a unit and just 5 per cent are buying a townhouse.
The scheme launched on 1 January 2020 with 10,000 places, of which 3,500 were still available in mid-February, but that number was dropping.
Another 10,000 places will be available from 1 July 2020, so don’t panic too much if you need more time to get yourself ready to buy.
If you want to buy in Brisbane, a price threshold of $475,000 applies. This means you can bag a bargain unit just about anywhere. But if you’re after a house, we suggest you check out the super affordable suburbs in Brissie’s prime northern growth corridor. We’re talking Bracken Ridge and out to Petrie, which is home to a new university. Or townhouse hunters can snap up a solid property here in Aspley ticking the price and convenience boxes.
Eligibility criteria apply so check out the First Home Loan Deposit Scheme website if you want to get your skates on and get yourself into home ownership sooner.
Ready to find your first home? Contact us for a chat and view our current listings for sale.
