For first home buyers who are finding it difficult to save a large deposit, the government's Help to

For first home buyers who are finding it difficult to save a large deposit, the government's Help to Buy scheme may provide another pathway into the property market. The scheme is available for eligible single parents or couples who meet the income requirements, allowing them to receive support from the government towards purchasing their first property. Under the scheme, the government can contribute up to 40% of the property's equity, meaning buyers may only need a 2% deposit while obtaining the remaining amount through a mortgage. This can be especially valuable for people living in major cities, where rising living costs can make saving a traditional deposit a major challenge. The government's contribution can be repaid over time through gradual repayments, or it can be repaid when the property is sold in the future. Understanding how the shared equity arrangement works is important, as the government’s contribution represents a share of the property's value that will need to be repaid later. 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.