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New scheme announced for first home buyers

New scheme announced for first home buyers

Prime Minister Scott Morrison has announced a low-deposit scheme for first home buyers in the lead-up to this Saturday’s federal election.

Over the weekend, Mr Morrison announced that his party plans to allow first home buyers to access 95 per cent loan-to-value ratio mortgages.

The First Home Loan Deposit Scheme, which will partner with private lenders, will be available to first home buyers who have been able to save a deposit of at least 5 per cent.

The scheme will also partner with smaller lenders in a bid to “boost competition”, according to the Liberal Party.

Should the Liberal Party be elected back into power following the federal election this Saturday, it would seek to make the First Home Loan Deposit Scheme available to FHBs earning up to $125,000 annually or $200,000 for couples. The scheme would commence from 1 January 2020. 

Shadow treasurer Chris Bowen said Labor will match this commitment if it is elected to govern. 

Source: AccountantsDaily

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