With first-home hopefuls set to face rising prices already in the housing market this year, the First Home Loan Deposit Scheme will offer help to a select number of buyers who may not have the backing of wealthy parents. The scheme will allow 10,000 first-home buyers to purchase their first home each financial year with as little as a 5 per cent deposit, without incurring lenders mortgage insurance.
If you were to purchase a home today, you’d most likely need to have 20% of the property’s value saved as a deposit to secure a home loan. From January 1, 2020, things may get a little easier if you’re one of 10,000 borrowers eligible for the First Home Loan Deposit Scheme.
Buyers have been given a behind-the-scenes tour of the Signature Wollongong apartment building, which is still under construction.
Don’t rule out property investment until you’ve done the numbers. You’ve read the books, magazine articles and reports. And you’ve been religiously checking real estate websites for properties. But when push comes to shove, you never follow through. Don’t worry, you’re not alone. In fact, despite real estate being a national pastime, only 8.4% of Australians, or roughly 2.1 million people, owned an investment property, according to the Australian Tax Office.
Like any major investment, buying real estate off-the-plan can be high risk if insufficient research has taken place. But there are also perks to buying property that has yet to be built.