Advertisement
In a sign that Sydney’s property market has hit peak stupid, a new Afterpay-style ‘move in now, pay later’ scheme has been launched to “help” first home buyers (FHB) enter the market.
The scheme named OwnHome works as follows:
To buy a $1 million home, you pay an upfront fee of $25,000, which is a fraction of the $200,000 deposit you’d need to avoid lenders mortgage insurance.
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
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.
Advertisement