With the Federal election coming up on May 18th 2019, both Liberal and Labor party have agreed on a “First Home Loan Deposit” Scheme to complement the current “First Home Super Saver” Scheme

Key Points: 

– First Home Buyers will no longer need to save 20%
– The scheme will be available to First Home Buyers who have saved a 5% deposit
– The scheme will also help first home buyers save around $10,000 by not having to pay Lenders Mortgage Insurance
– The First Home Loan Deposit Scheme will start in 1st January 2020
– Scheme will be targeted to First Home Buyers earning up to $125,000 annually or $200,000 for couples
– Labor party will match the proposed home loan scheme

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