The past month has delivered great news for all home buyers making it the perfect time to find your dream home at The Patch.
A First Home Buyer Scheme backed by Labour and the National-Liberal Coalition pledging A$500 million towards first home buyer deposits
- The proposed scheme means that first home buyers only need to save 5% deposit vs 20% deposit required by the banks, making it easier to enter the market to purchase your first home.
- To be eligible for the scheme you will be a single earning under A$126,000 a year or a couple earning under A$200,000 a year.
- At The Patch, if you were buying a house and land package for A$429,000 you would only need to have a 5% deposit of A$21,450
Read more about the First Home Buyer Scheme from ABC News here
APRA (Australian Prudential Regulation Authority) recommends lowering the minimum interest serviceability buffer from 7% to a level determined by banks and other lenders
- This means your capacity to repay will be assessed on a lower interest rate hurdle
- The could result in your borrowing capacity being higher
Read more about these proposed lending changes from Realestate.com.au here
Interest rates have been cut the Reserve Bank cut the rate to a new record low of 1.25 per cent
- Buyers will pay less interest on their loans which could save hundreds of dollars a year
- The rate cut has been passed on in full by some banks already
Read more about the cuts to the cash rate from ABC News here
Thinking of taking advantage of these recent developments?