It was announced over the weekend by Prime Minister Scott Morrison that a new scheme will allow for first home buyers with only a 5 per cent deposit to have access to a home loan. If elected into power on the weekend, the Liberal party will commence the new scheme starting on January 1st, 2020.
Are you Eligible If you are a single earning up to $125,000 or a couple with combined earnings of $200,00, you will be eligible for the new First Home Buyers scheme. One of the biggest hurdles when borrowing more than 80 per cent of the property value is that you will be hit with Mortgage Lenders Insurance fee that can cost a buyer thousands of dollars. .. Continued