With housing affordability set to be a key election issue, the 2022 Federal Budget is expanding the scheme it put forward in 2019 to help first home buyers. The Scheme helps those without the standard 20% deposit needed. For those who qualify, it guarantees up to 15% of a loan’s value, meaning buyers can secure a home loan with a 5% deposit. In the 2021-22 financial year the scheme was capped at 10,000 places. The 2022 Budget is expanding it to 35,000 a year, plus an extra 10,000 places for first home buyers in regional areas. It is also expanding a category for single parents introduced in the 2021 Budget, allowing some to enter with a 2% deposit, increasing the cap to 5,000 a year.
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