Biloela first home buyers to benefit
BANANA Shire first-home buyers will be able to take advantage of the Coalition's deposit plan in a move to help boost the property market.
Under the scheme, first-home buyers who have a deposit of at least five per cent would have access to a government loan that would help them to save up to $50,000 in mortgage insurance over 30 years.
Property Council of Australia chief executive Ken Morrison said he expected the initial availability of 10,000 loans could be expanded.
"The deposit gap scheme recognises the big problem, which is first-home buyers having to save for years and years before entering the market,” he said.
"If it takes about five years to save up, this first cohort of people who have been saving for several years will all take up the scheme at once and I think (the Coalition) will have to raise that cap.”
Master Builders chief executive Denita Wawn said the scheme would be a 'game changer' for young people looking to enter the property market.