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A week prior to the Federal Election, Prime Minister Scott Morrison announced a surprise First Home Buyer (FHB) deposit subsidy scheme, which would enable eligible FHBs to purchase a home with only a 5% deposit, for the express purpose of lifting house prices:
“We want to see more first-home buyers in the market, absolutely, and we don’t want to see people’s house prices go down” – Prime Minister Scott Morrison, 13 May 2019.
Yesterday, the Government unveiled the finer details of the scheme, which is to be limited to 10,000 FHBs annually on a first come, first served, basis:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.