Spring selling season is set for a boost in eligible buyers thanks to the Federal Government’s expanded Home Guarantee Scheme. From October 1 the scheme, which allows eligible first home buyers to avoid lenders mortgage insurance while purchasing a home with a 5% deposit, will now:
– scrap income and place limits, and
– raise property price caps.
The property price cap for the Newcastle and Lake Macquarie regions will rise significantly from $900,000 to $1.5 million (with these regions included as regional centres, matching Sydney’s price caps). Other areas will see a price cap rise from $750,000 to $800,000 come October 1. You can search your postcode through the government site, Housing Australia.
Changes to the scheme will help first home buyers enter the market sooner and give them greater choice. As Cotality Economist Kaytlin Ezzy explains,
“Previously, to qualify for the scheme, first home buyers were largely restricted to more affordable housing options, including units and houses in outer mortgage belts and regional markets.”
Monthly Highlight
Record sale price for The Foundry! B101/300 Brunker Road, Adamstown, sold for $960,000.
Another successful sale in The Foundry apartments for Cassandra Orford and Peter Aloupis. Of their four previous sales, three achieved record results. For unrivalled local knowledge, call Cassandra and Peter to discuss how to get the best value for your apartment no matter the market conditions.
Husband-and-wife team Peter and Amanda Aloupis, our CEO & COO, enjoy a moment of morning sun outside their most recent renovation, completed in December 2024.