PHOTO: The First Home Loan Deposit Scheme was expected to half the time taken to drum up enough of a deposit to take out a mortgage. Source: istock
Scomo looks set to become the ultimate sugar daddy to 10,000 young people off his $500m 5 per cent mortgage deposit scheme. Here’s the lowdown on how to unpack that.
Prime Minister Scott Morrison, aka Scomo, set a January 2020 start for his First Home Loan Deposit Scheme — an election promise designed to get first-timers into property earlier and cheaper.
Scomo would become the ultimate sugar daddy, with the Federal Government stepping in as guarantor for approved applicants on “the additional loan amount taken out by the first homebuyer to cover the difference between the amount of the first homebuyer’s deposit and 20 per cent of the value of the property”.
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