First Home Buyers Surge with 5% Deposit Scheme

0:00From Adelaide, this is your February 26th update. A surge in first home buyers, using Australia's 5% deposit scheme, has hit record level since major changes kicked in four months ago. Government data shows 22,921 guarantees issued from October 1st to now. A 75% jump from the right EOAs. 13,105 in the prior four months. The update scrapped income caps for singles under $125,000 or couples below $200,000 removed. Limits on participants, and raised property price ceilings, like up to $1.5 million in Sydney. Couples like 31-year-old John Coppley and Kristen Stewart and Brisbane grabbed a three-bedroom townhouse shortly after, crediting the scheme for. Skipping costly lenders mortgage insurance through the government's 15% loan guarantee. Nearly two-thirds of recent buyers snag houses, with under 30-year-olds making up 40%, regional folks nearly 30% and key, workers 18% though single parents saw less uptake.

1:07Experts like AMP economist Diana Mazina hailed the boost for buyers, but worry if fuels demand without matching supply, potentially pushing prices, higher as seen in Brisbane's recent 5.1% quarterly jump. This episode is supported by our sponsor. It is a pillow that plays your podcast and music without earbuds, built for listening and bed, S-O-L-I-SoliPillow.com.