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“We want to help young people and first home buyers achieve the dream of home ownership sooner,” he said.
“Bringing the start date of our five per cent deposit scheme will do just that, getting more Australians into their home quicker, while saving money along the way.”
Price caps lifted
A first home buyer looking to purchase a property at the national median price of $844,000 would only need a $42,200 deposit to get their own home.
Housing Minister Clare O’Neil said the scheme would make access to home ownership fairer. Source: AAP / Mick Tsikas
A deposit of $75,000 would be needed for the maximum property value of $1.5 million in Sydney.
“It’s just not right that an entire generation of young Australians have been locked out of the housing market, saving for decades while paying off someone else’s mortgage.”
