The Albanese government announced that it will bring forward its 5% home deposit scheme for first home buyers by three months.
Under the scheme, the government will guarantee 15% of the purchase price so that applicants can avoid paying lenders’ mortgage insurance.
Previous income limits on eligibility will be removed from October, whereas the scheme’s property price caps will also be lifted from $900,000 to $1.5 million in Sydney, from $800,000 to $950,000 in Melbourne, and from $700,000 to $1 million in Brisbane, with similar lifts across the rest of the country.
