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:
