First home buyers are set for a significant leg up with a new initiative from the Morrison Government to slash the size of a home loan deposit.
\nIt can take nine to 10 years for an average household to save a deposit. We want to help Australians realise the goal of buying their first home by cutting years off the time it takes to save up.
\nOur plan for a stronger economy means we can help secure the future of tens of thousands of first home buyers.
\nUnder our government, more than 110,000 Australians bought their first home in 2018 – the highest level in nine years, and the First Home Loan Deposit Scheme will offer even more support with up to $500 million in the form of equity through the National Housing Finance and Investment Corporation to focus on improving housing affordability.
\nGetting into the housing market is a point of pride for Australians and a rite of passage. It requires hard work and even harder saving, but we want to make it that bit easier.
\nComplementing our First Home Super Saver Scheme, the First Home Loan Deposit Scheme will mean first home buyers won\u2019t need to save for a full 20 per cent deposit, so Australians can get a loan and into the market faster. The Scheme will also help first home buyers save around $10,000 by not having to pay Lenders Mortgage Insurance.
\nThe First Home Loan Deposit Scheme will be available to first home buyers who have been able to save for a deposit of at least 5 per cent.
\nWhile our First Home Super Saver Scheme has been about helping boost the savings of first home buyers and making buying a house more affordable, the new First Home Loan Deposit Scheme will help people achieve their goals years earlier.
\nWe want to help make the dreams of first home buyers a reality.
\nThe First Home Loan Deposit Scheme, which will start on 1 January next year, will be targeted towards first home buyers earning up to $125,000 annually or $200,000 for couples. The value of homes that can be purchased under the Scheme will be determined on a regional basis, reflecting the different property markets across Australia.
\nThe National Housing Finance and Investment Corporation will partner with private lenders to deliver the First Home Loan Deposit Scheme, prioritising smaller lenders to boost competition.
\nWe will also invest $25 million in the National Housing Finance and Investment Corporation to establish the Scheme and develop the expertise to conduct comprehensive research into housing demand, supply and affordability in Australia. The outcome of that research will be key to ensuring owning your own home stays within the reach of most Australians.
\nAs well as the new First Home Loan Deposit Scheme and First Home Super Saver Scheme, our government is taking a comprehensive approach to housing affordability by:<\/p>\n
Our plan to back first home buyers stands in stark contrast to Bill Shorten and the Labor Party who want to abolish the First Home Super Saver Scheme and jack up rents with their Housing Tax, making it more difficult for first home buyers to get into the market. If elected, Labor will pit first home buyers against their neighbours, friends and family who already own a home.
\nLabor\u2019s devastating Housing Tax is a $32 billion tax grab that will hit all Australians. If you own your own home it will be worth less and if you rent you will pay more. Experts have estimated that Labor\u2019s Housing tax would result in house prices falling by as much as 16 per cent and rents going up as much as 22 per cent.
\nThe Morrison Government\u2019s plan for a strong economy and records job growth will protect the value of your home and help first home buyers get into the market.<\/p>\n","protected":false},"excerpt":{"rendered":"
First home buyers are set for a significant leg up with a new initiative from the Morrison Government to slash the size of a home loan deposit. It can take nine to 10 years for an average household to save a deposit. We want to help Australians realise the goal of buying their first home … Continue reading “Helping Australians Buy Their First Home”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2752","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/2752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=2752"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/2752\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=2752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=2752"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=2752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}