US EditionFirst Homebuyers to Have Access to 5 per Cent Deposits
The scheme enables an estimated 70,000 first home buyers annually to enter the market with 5% deposits and no stamp duty, reducing savings time by eight years, Labor says.
- On October 1, Labor will begin its fast-tracked 5 per cent deposit scheme, aiming to eliminate stamp duty payments for thousands of first home buyers, Prime Minister Anthony Albanese said.
- Earlier this year, Labor promised to fast-track the Home Guarantee Scheme, removing the yearly cap and expanding eligibility for all first home buyers from October.
- The uncapped scheme will allow about 70,000 households annually to buy homes up to $1.5 million in Sydney, with the federal government covering 15 per cent so buyers need a 5 per cent deposit, while single parents can use a 2 per cent deposit.
- The Treasury cautioned the scheme risks spiking house prices, while Labor says it could shave eight years off deposit saving and cut up to $34,000 in lenders' mortgage insurance for first home buyers.
- It also fast-tracked environmental approvals for more than 26,000 homes and paused non-essential National Construction Code changes until 2029, while Treasury modelling suggests 20,000 extra guarantees in the first year.
17 Articles
17 Articles
Labor fast tracks First Home Buyer Scheme amid Coalition criticism
Labor is fast-tracking its 5 per cent deposit for first home buyers three months early, in a move that briefly crashed the Housing Australia website. The Coalition has criticised the generosity of the scheme, while fighting an internal battle over climate policy.
Housing bubble warning as deposit scheme fast-tracked
First home buyers are getting a boost with early access to a government support program. (Stephanie Gardiner/AAP PHOTOS) By Jacob Shteyman and Andrew Brown in Canberra First home buyers will be given a deposit leg-up sooner in an attempt to improve housing affordability but experts caution the fast-tracked policy could cause prices to surge and threaten financial stability. An expanded federal government initiative allowing those looking to buy …
Prime minister unveils fast-tracked plan to help first home buyers
Prime Minister Anthony Albanese today said the fast-tracking of a government-supported first-home buyer scheme will help give more people a "fair crack" at entering the housing market.The government guarantor scheme, enabling people to purchase their first home with a 5 per cent deposit, will now begin on October 1, instead of January 1.Another 15 per cent of the purchase price is guaranteed by the federal government, ensuring the applicant do…
Coverage Details
Bias Distribution
- 55% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
