Best Picks For FHBs
There are still plenty of locations where first-home buyers can afford to buy under the Federal Government’s Home Guarantee Scheme.
PropTrack economist Anne Flaherty says maybe they can’t afford to buy in their ideal suburb, or as many bedrooms as they initially wanted but in some locations a mortgage is cheaper than renting.
Under the Home Guarantee Scheme, first-home buyers can buy with a deposit as low as 5%. Property prices in the scheme are capped between $600,000 and $900,000 in capital cities and some regional centres. Otherwise, other others are capped between $400,000 and $750,000.
In Victoria, buyers can use the scheme for properties within Thomastown and Mickleham as well as Altona.
In Queensland, the top picks are Morayfield, Darra, Springfield Lakes and Beaudesert. In New South Wales the best options are in Hamilton or Mayfield in Newcastle or Armidale.
Western Australia options are Mandurah, Armadale and Rockingham while in South Australia the best options are Morphett Vale, Salisbury or Parafield Gardens.
