Business
1,800 first home buyers get $37k helping hand – Yahoo Finance Australia
The scheme allows borrowers to buy homes with 5 per cent deposits.
Image: Getty
Up to 1,800 Australians will be able to purchase a home with 5 per cent deposits as the Government reissues unused first-home buyer guarantees.
Under the first home loan deposit scheme, the Government guarantees loans of up to 95 per cent for first home buyers, allowing them to avoid paying lenders mortgage insurance.
On the average Sydney home valued at $879,299, taking out a loan with a 5 per cent deposit would normally attract $37,172.36 in lenders mortgage insurance.
The scheme…
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