For many young people, the prospect of getting into a home of their own seems like an impossible dream. However, with the recent government initiative, the First Home Loan Deposit Scheme, getting into a first home in the Shepparton region may become a lot easier and a lot sooner.
According to recent property market reports, there are almost three times the number of homes available for sale than there are rental homes in the Shepparton region. With the current median price in the region of $280,000, first home buyers should be looking to put together a deposit around $14,000 to $20,000 dollars and then be in a position to manage the mortgage payments to get into an average home.
Real Estate Institute of Victoria CEO, Gil King said Sunday’s announcement had created a lot of excitement across Victoria’s real estate sector.
“The expanded First Home Buyers scheme which comes into effect in January 2020, will make it a lot easier for buyers looking to get into the rapidly growing markets across Victoria.” said Gil King.
Local real estate agent, Rocky Gagliardi said, “This is going to be great for the kids, so long as they can service the loans on the low interest rates as they are now. It will tend to dry up the supply of the good quality, low priced homes fairly quickly though.”
