The prime minister scott morrison yesterday promised first home buyers would only need a 5 per cent deposit – instead of the usual standard of around 20 per cent – if his government was re.
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First-home buyers will find it easier to jump the first property ownership hurdle under a new scheme promised by both major parties. Prime Minister Scott Morrison’s helping hand to up to 10,000 eligible first-home buyers a year would allow them to use just a 5 per cent deposit for a loan.
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“It can take nine to 10 years for an average household to save a deposit,” Morrison said in an emailed statement. “We want to help Australians realize the goal of buying their first home by cutting.
The Coalition vowed to spend up to $500M on home loan deposits for first-home buyers. Labor matched that commitment on Sunday ‘This will make a big difference,’ Mr Morrison told the party faithful.
Mr Morrison said the policy would encourage smaller banks to lend to first-home buyers, rather than the big four. fees over the life of the 30-year loan. “The amount of time to save a deposit would.
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Prime Minister Scott Morrison announced a new scheme at the Liberal election campaign launch in Melbourne on Sunday that will mean a home buyer would only have to save for a five per cent deposit.