From October 1, first-home buyers can enter the housing market with just a 5% deposit under the government’s expanded scheme. Here’s how it works, who’s eligible, and why experts say it could change the property market.
Key Points
- How It Works: Buyers pay only 5% deposit; the government guarantees the remaining 15%, avoiding costly lenders’ mortgage insurance.
- What Changed: No more income caps, higher property price limits, and access for all first-home buyers.
- The Debate: Supporters say it helps young Australians get into the market sooner; critics warn of rising property prices and debt if supply does not increase.
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