Borrowers flock to first week of First Home Loan Deposit Scheme

PHOTO: First-home buyers Alyssa Maree Onorato and Max Vernon are among 3000 first-home buyers who have already reserved one of the limited spots for the new First Home Loan Deposit Scheme which launched this year. Photo: Steven Woodburn Photo: Steven Woodburn

For the past three years, Alyssa Onorato and Max Vernon have been saving for a deposit on their first home but were unable to get a foot in the door.

The couple have finally caught a break, nabbing a spot in a new federal government scheme for first-time buyers.

“This will allow us to do it on our own and we won’t need to rely on our parents,” said Ms Onorato who still lives with her mother in Dundas. “My mum is a widow and we didn’t really feel comfortable having to ask her [to go guarantor] and Max’s parents are still up on the coast and need to pay for their own everyday lives.”

Neither felt comfortable borrowing from the bank of mum and dad as both are also one of four children. They felt it was a hard ask.