Low Deposits Scheme A Big Help Almost one in three first-home buyers were helped into the market by the Federal Government’s low deposit guarantee scheme in the past year.
That’s a significant increase on the previous year when one in seven used the First Home Buyers Guarantee Scheme to buy.
The Guarantee provides a government guarantee of up to 15% for eligible buyers, so they can purchase with a deposit as low as 5%.
The take-up is tipped to increase further with the scheme extended on July 1 to make it also available to permanent residents.
It has also been opened up to buyers who have previously owned property, as long as it was more than ten years ago.
Housing Australia data shows about 65% of applicants are buying houses and the remainder are units.
The top location for recipients of the guarantee was Mackay Harbour in Queensland.
In Western Australia, Armadale was the top location, in Victoria it was Craigieburn and in Sydney it was Liverpool.
