The first home loan deposit scheme - what happened?
/At the start of the year, the Australian Government launched the First Home Loan Deposit Scheme as an initiative to support eligible first home buyers to purchase their first home sooner.
Usually, first home buyers who have not met the 20 per cent deposit need to pay lenders mortgage insurance. Under the Scheme, however, eligible first home buyers can purchase a modest home as long as they have a deposit of five per cent or higher (this is subject to lenders’ criteria).
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Loanscape has today released its Borrowing Capacity Index for Q4/2024. It confirms the forecast trend that borrowing capacities of Australian individuals and families are recovering from their low levels which coincided with the last of the recent increases to borrowing rates initiated by the Reserve Bank of Australia.