{"id":37699,"date":"2022-03-29T10:05:58","date_gmt":"2022-03-28T21:05:58","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=37699"},"modified":"2022-03-29T10:05:58","modified_gmt":"2022-03-28T21:05:58","slug":"up-to-50000-australians-eligible-for-major-expansion-of-first-home-buyers-scheme","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/up-to-50000-australians-eligible-for-major-expansion-of-first-home-buyers-scheme\/","title":{"rendered":"Up to 50,000 Australians eligible for \u2018major\u2019 expansion of First Home Buyers Scheme"},"content":{"rendered":"

PHOTO: First Home Buyers Scheme<\/strong><\/p>\n

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The Morrison Government will expand the first home buyers scheme to up to 50,000 new allocations every year in a bid to ease the burden of the housing affordability crisis.<\/p>\n<\/div>\n

The program \u2013 which was introduced at the end of 2019 \u2013 has already seen 60,000 people secure homes as housing prices across the country continue to soar.<\/p>\n

The scheme will be expanded to 35,000 guarantees each year \u2013 up from 10,000 \u2013 starting from July this year.<\/p>\n

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Profile your business (for 12 months) \u2013 ONLY $499 INCL GST<\/a><\/h2>\n<\/header>\n<\/div>\n

An additional 10,000 spots will be included in the scheme for those looking to buy or build in the regions as well as 5,000 for single parents.<\/p>\n

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\"Housing<\/div>\n

Housing prices in Sydney have skyrocketed in recent years making the city the second worst in the world for housing affordability. Picture: NCA NewsWire<\/strong><\/em><\/div>\n

Assistant Treasurer Michael Sukkar said the announcement served as a \u201cmajor expansion to an already very successful program\u201d.<\/p>\n

\u201cIt enables people to purchase a new home with a deposit of 5 per cent because banks are increasingly requiring people to (require) a 20 per cent deposit,\u201d Mr Sukkar told Sky News Australia.<\/p>\n

\u201cThat\u2019s really what has underpinned the success of the scheme to date and that\u2019s what ultimately justifies this major expansion to 55,000 places.\u201d<\/p>\n

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\"Federal<\/div>\n

Federal Housing Minister Michael Sukkar said the expansion of the First Home Buyers Scheme was a “major” development for housing affordability. Picture: NCA NewsWire<\/strong><\/em><\/div>\n

The First Home Buyers Scheme was a key pillar of the Coalition\u2019s 2019 election campaign and aims to alleviate the pressure associated with securing a mortgage.<\/p>\n

Banks now usually require deposits of up to 20 per cent, which has significantly driven Australia\u2019s younger demographics out of the property market.<\/p>\n

The government\u2019s scheme allows the limited number of recipients to secure a mortgage with only a five per cent deposit with the Commonwealth guaranteeing the remaining 15 per cent.<\/p>\n

Labor has claimed the government\u2019s policy was a \u201ccarbon copy\u201d of the opposition\u2019s Regional First Home Buyer Support Scheme.<\/p>\n

Shadow Treasurer Jim Chalmers said the government \u201ccoming to the party\u201d on housing affordability was a \u201cgood thing\u201d.<\/p>\n

\u201cIt looks like a carbon copy of what Labor has already announced when it comes to regional first time buyers in particular,\u201d Mr Chalmers said on Monday.<\/p>\n

\u201cThat’s a good thing, that’s welcome, that they want to implement our policy.\u201d<\/p>\n

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The First Home Buyers Scheme will up to 50,000 prospective homeowners guaranteed a 5 per cent deposit to secure a mortgage. Picture: NCA<\/strong><\/em><\/div>\n

However, Mr Sukkar hit back at Labor\u2019s claims and said the opposition was just trying to position itself closer to the government on key policies.<\/p>\n

READ MORE VIA SKY NEWS<\/a><\/p>\n

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