New first home buyers scheme 2020

October 29, 2019 | JJ Taylor

The Government has just revealed the new First Home Loan Deposit Scheme, allowing low and middle-income earners to purchase a property with a deposit as little as 5 percent.

The Scheme will support up to 10,000 loans each financial year, starting from 1 January 2020.

Applicants will be subject to eligibility criteria, including having taxable incomes up to $125,000 per annum for singles and up to $200,000 per annum for couples.

Property price caps depending on where you buy, here is the property price caps for capital cities:

QLD: $475,000

NSW: $700,000

ACT: $500,000

VIC: $600,000

TAS: $400,000

SA: $400,000

WA: $400,000

NT: $375,000