First-home buyers, single parents and regional Australians will be able to get into the property market sooner, with the extension of a government loan scheme.
First-home buyers and regional Australians will be able to buy with a low as a 5 per cent deposit.Elsewhere in the budget, $2 billion was included for affordable housing.First-home buyers, single parents and regional Australians will be able to get into the property market sooner with the government expanding a scheme that enables them to purchase with a smaller deposit.
Permanent residents are only eligible for the Regional Home Guarantee, with other schemes restricted to Australian citizens.Participants must be buying a home to live in, not an investment, and property prices vary according to location and whether or not a new or existing home is being purchased. Meanwhile, one in five Melbourne suburbs had a median at or below the city’s existing price cap of $700,000, CoreLogic analysis shows. Such suburbs were even harder to come by in Hobart and the ACT where just 8.5 per cent and 1 per cent of suburbs, respectively, were priced below their existing price caps, both at $500,000.
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