It was announced this week that both Liberal and Labor Parties will underwrite First Home Buyers to obtain finance, with a minimum deposit of 5% and no Lenders Mortgage Insurance.
The average first-home buyer couple could buy a house approx. four years quickier (and around nine years sooner for singles) under the proposed plan to offer loan guarantees to new buyers in Sydney.
Whilst this is big news for first time homeowners who are wanting to enter into the property market, there are certain factors to consider. Unlike past schemes, under this new First Home Buyer policy, there are quite a few criteria’s such as; income thresholds and regional availability that apply which can be a limitation for many Sydney First timers.
Here is what we know:
- First Home Buyer policy is currently capped at 10,000 per year, only a small portion of the actual market. According to the Sydney Morning Herald, more than 100,000 first time buyers have taken out mortgages over the past 12 months.
- This policy does not guarantee finance. Normal checks are still applicable.
- There is a Salary cap. Under this program, first Home Buyers with an income of up to $125,000 or couples with a joint income of up to $200,000 are eligible.
- The homes that can be purchased under this scheme will be determined on a regional basis and could potentially change.
- It could be a while until the policy passes, in a market that is forever changing.
Why wait when Hoot Homes has the solution NOW!
Hoot Homes has partnered with Axis Lending and Mortgage Link to bring this exclusive offer to the market. Saving thousands on selected Hoot Homes home and land packages throughout Sydney with the ‘Jump Start Home Loan’. First Home Buyers can enjoy:
- 5% deposit
- No mortgage insurance
- No more to pay until completion
- Fantastic home & land packages in
- Sydneys most sought after estates.
Unlike the government scheme, our Jump Start Home Loan does not include a salary cap!
Click on the finance tab and complete our form to see if you apply.