🎉 1st of October = Christmas morning for first home buyers 🏡
From today, you can buy with just a 5% deposit (up to $1.5M) thanks to the new federal scheme. The gov’t covers the remaining 15% normally required for mortgage insurance ✅
💰 Why it matters:
- No $20–40K lender’s mortgage insurance 💸
- Entry costs drop from ~$300K to ~$100K on a $1.2M unit
- More buyers entering = more competition
📈 Expect:
✔️ Sub-$1.5M properties to rise
✔️ Knock-on effects into higher brackets
✔️ Units + smaller homes benefiting too
But here’s the catch: buyers weren’t exactly lining up at midnight. The buzz is louder than the bite… for now.
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