How the government's new first home buyer scheme is helping young locals on the Gold Coast
The federal government's new first home buyer scheme is giving hope to young locals trying to get into the market, with lower deposits and no lender mortgage insurance required.
Full transcript
There's now only a handful of suburbs on the coast where the average price is under a million dollars. For young locals trying to get into the market, the government's new first home buyer scheme is giving some hope.
For 28-year-old Jamie, it's his first chance at a home of his own. Everyone's really struggled in my age range. The federal government expanding its first home buyer scheme as property prices soar out of reach. I feel like the Gold Coast is a bit ridiculous.
So there's only four suburbs that are left on the Low Deposit Homes coast that the median house price is under the million dollar price mark. Previously, for a one million dollar home, a buyer was looking at a $122,000 deposit. Now they only need $54,000.
It looks like we're actually moving in a direction that's going to enable young people to get out there and own their first properties. And they can avoid costly lender mortgage insurance. So in some instances LMI can be $30,000 to $35,000 and that was creating a really big barrier to entry for a lot of buyers.
Giselle Manning, Nine Gold Coast News.