The Home Buying Tip Every Parent Should Share

For anyone trying to enter the property market but struggling to save a deposit while house prices continue to rise, the government's Help to Buy Access Scheme may be worth looking into. The scheme can allow eligible buyers to purchase a property with only a 2% deposit, with the government contributing up to 40% of the property's equity to help make the purchase possible. The remaining amount is then obtained through a mortgage, similar to a traditional property purchase. However, there are eligibility requirements that need to be considered, so it is important to understand whether the scheme applies to your situation. It is also important to remember that the government's contribution does need to be repaid. This can be done gradually over time, or it can be repaid when the property is sold in the future. Because the government holds a 40% share of the property, 40% of the sale proceeds would go back to the government when the property is sold. For people who are currently renting and want the security of owning their own home, the scheme can provide a pathway into the property market and help more buyers access a place they can call their own. General advice only. Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

Disclaimer || The information provided in this post is general in nature only and does not constitute personal financial advice. Amy Lehmann is an Authorised Representative(No. 1292710) of AFSL 495401.