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
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
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
Thinking of taking advantage of these recent developments?