The First Home Loan Deposit Scheme has been passed allowing up to 10,000 eligible first home buyers on low and middle incomes to purchase a home with a 5% deposit.
Eligible applicants will have taxable incomes up to $125,000 per annum for singles and up to $200,000 per annum for couples. The scheme will apply to owner-occupied loans on a principle and internet basis, and will be subject to regional price caps.
Also, the new First Home Loan Deposit Scheme will complement the First Home Super Saver Scheme (FHSSS), which enables first home buyer over 18 to apply te release voluntary contributions from their super fund to buy their first home.
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Source: Accountants Daily