The first step under this scheme was taken on January 1, 2020, when the Federal government provided enough space for 10,000 homes. Now 10,000 more spots have been made available for the first home buyers in the fiscal year 2020-21. Under this scheme, the buyers will get the benefit of getting the home on minimum deposits.
This scheme is called the First Home Buyer Deposit Scheme. Under it the first-time buyers can get a new home by paying only 5% of the total amount. And the government of Australia has become a guarantor for the other 15% of the total money. But one thing that you should keep in mind is that you have to pay the remaining 15% in the future. The Government is just helping you to borrow 95% of the property value from the lender.
This step from the Federal Government is a nice one for the people of Australia but a recent survey has revealed that 8 out of 10 people in Australia are not clear about this scheme and they don’t even know whether they are eligible for this scheme or not. With an overflow of such schemes in the market, the first-time buyers of Australia re suffering from information overload.
The interest rates are at lowest, property prices are also down, and the government is launching new schemes frequently, with all these features combined there are surplus opportunities for first-time buyers to get home. Though 85% of the people who can be eligible of this scheme are not even aware of it.
Buying a new home is the biggest opportunity for the people of Australia and it can be better for those people if we provide them enough information about this situation.
It has now become very easy for the people of Australia to get home and the situation of the Australian market can get better if those people increase their savings. If people are confused about what is better for them and the people of Australia, this would act as an obstacle in taking the Australian economy back on track quickly.
Prices Involved in Buying Property Under this Scheme:
To be eligible for this scheme, the property that you are buying should fall under this price segment:
| State/Territory | Capital City/Regional Centre | Rest of State |
| NSW | $700,000 | $450,000 |
| Vic | $600,000 | $375,000 |
| Qld | $475,000 | $400,000 |
| WA | $400,000 | $300,000 |
| SA | $400,000 | $250,000 |
| Tas | $400,000 | $300,000 |
| ACT | $500,000 | N/A |
| NT | $375,000 | N/A |