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First-home buyer scheme capped as Labor calls for more details

Source: AAP

First home buyers - hoping to take advantage of a new government scheme allowing them to have just a five per cent deposit - have learned the maximum cost of the property they will be able to buy.The government revealed state-by-state price caps - as well as more details on who will benefit.

From January 1 next year, 10-thousand first-home buyers annually, will be able to purchase a property with just a five per cent deposit.

The other 15 per cent is to be guaranteed by the government.

Under the scheme, the federal government will guarantee the difference of a standard down-payment and remove the costs of lenders mortgage insurance.

The federal government says access to its first home buyer deposit scheme will be on a 'first-come, first-serve' basis.

Housing minister Michael Sukkar says the government has identified a clear need for the scheme.

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