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Federal Government First Home Loan Deposit Scheme

February 25, 2020

Under the scheme, first home owners can seek approval to borrow with a 5 per cent deposit and the Federal Government provides a guarantee for the remainder of the deposit, saving the buyer the costs of mortgage insurance.

Unfortunately for the NT, the price cut off point for the scheme is $375,000 even though the median house price is well over $400,000. If you look at all areas in Queensland outside of Brisbane, the Gold Coast and Sunshine Coast, that cut- off figure is $400 000 and their median house prices are often much less than ours.

HIA has met with the Federal Housing minister, Michael Sukkar, with a view to having the threshold in the NT reconsidered.

For more information please contact HIA on 1300 650 620