MORE support for prospective home owners is on the way with the Federal Government’s Help to Buy program now open.
The Help to Buy scheme will give up to 10,000 eligible low and middle-income first home buyers a year the opportunity to own their own home with a 2 per cent deposit and an equity contribution of up to 40 per cent.
For the Ipswich area, the price cap under the scheme is $1 million.
Under the scheme, participants will need to save a minimum 2 per cent deposit and obtain a home loan from a participating lender.
Once the home is purchased, participants will need to maintain the home and keep it insured.
Income caps are $100,000 for individuals and $160,000 for joint applicants and single parents.
The scheme means a much smaller deposit, much smaller mortgage, and smaller repayments, making it easier for more locals to buy a home sooner.
For a homebuyer like Jess – earning $90,000 and buying a $600,000 home – Help to Buy means she only needs a $12,000 deposit, a smaller bank loan, and the Government contributes the rest.
CBA and Bank Australia are the first participating lenders.
Federal Member for Blair Shayne Neumann said this was the most ambitious housing agenda since the post-war era, making it easier for people in Blair to buy their first home.”
