First homebuyer mortgages surge $50,000 after income cap removal

Summarised from 2 outlets · 3 reports · Updated 8 Oct, 05:48 · Archive

Average first homebuyer mortgages have increased by nearly $50,000 since Australia's federal government removed income caps from its 5 per cent deposit scheme.

Average first homebuyer mortgages in Australia have surged by nearly $50,000 following the federal government's removal of income caps from its 5 per cent deposit scheme. The change allows borrowers with higher incomes to access the scheme, which previously restricted participation based on earnings thresholds.

The scheme enables first home buyers to purchase a property with a 5 per cent deposit rather than the traditional 10 or 20 per cent, reducing the initial capital required. The removal of income limits has broadened eligibility and appears to have driven up average borrowing among scheme participants.

How it is being reported

• Average first homebuyer mortgage surges $50,000 after federal government lifts scheme income capsThe average first home buyer in Australia is borrowing nearly $50,000 more since the federal government removed income caps from its 5 per cent deposit scheme.Perth Now · 8 Oct, 05:12
• Average first-homebuyer mortgage surges $50,000 after Federal Government lifts scheme income capsThe average first home buyer in Australia is borrowing nearly $50,000 more since the Federal Government removed income caps from its 5 per cent deposit scheme.The West Australian · 8 Oct, 05:11
• Average first homebuyer mortgage surges $50,000 after federal government lifts scheme income capsThe average first home buyer in Australia is borrowing nearly $50,000 more since the federal government removed income caps from its 5 per cent deposit scheme.The West Australian · 8 Oct, 05:11

In this story: Australia · Australian federal government

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