For many young Australians, buying or building a home can seem like an impossible dream. In January 2020, the Australian Government’s First Home Loan Deposit Scheme (FHLDS) was introduced to help first home buyers purchase a home sooner.
The scheme will help those with low to middle incomes to be able to buy or build their own home with a deposit of as little as five percent. On top of that, the First Home Owner Grant (FHOG) are offering $20,000 for first home buyers who buy or build a new home under $750,000 in regional Victoria (the home must be less than five years old to be eligible).
Unfortunately for some, the FHOG bonus for regional Victoria will be ending on June 30, 2020. Young people are being urged to take advantage of both the FHLDS and the FHOG, especially here in Shepparton.
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 of around $14,000 to $20,000 and then be in a position to manage the mortgage payments to get into an average-priced home.