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New Government mortgage guarantee scheme aims to help first time buyers enter the market

We welcome a recent announcement that will allow first-time buyers to enter the property market easier than before. Late last year the Government announced a scheme that will allow first time home buyers to purchase their first property with a deposit as little as 5%.  The aim of this scheme is to help 10,000 first time home buyers in the lower to middle incomes to enter the property market.

The Government announced that, under the scheme, it will offer first-time buyers loan guarantees for Sydney properties valued at up to $700,00 and $450,00 across the rest of New South Wales. Melbourne residents will have access to the scheme for homes up to $600,00 and $375,000 throughout other parts of the state. The price thresholds will apply to all regional centers with a population of over 250,000, including New Castel, the Sunshine Coast, Gold Coast, Illawarra, and Geelong.

The Finance Minister, Mathias Corman, stated “The price caps are calibrated to take into account median house prices and conditions in respective markets and indeed they are set with reference to the threshold for concessional arrangements for stamp duty in various states,” and he went on to further add that “There is no specific number of guarantees per jurisdiction it will be on a … first-in, best-dressed basis.”

During September the median property value in Sydney, as analyzed by CoreLogic, was $805,00 for Sydney and $635,000 in Melbourne.

There will be up to 10,00 guarantees each year and the scheme will be driven by demand with the focus on helping first time home buyers to buy their first, affordable home. The requirements for individuals to qualify will be $125,000 per year for singles while couples who will earning less than $200,000 will qualify.

This is great news for those in the lower to middle incomes who want to invest in a home of their own. The scheme will open opportunities for them in both the major cities and regional areas of Australia. The overall effect of this scheme will have a positive effect on the property market in general as more and more people start to enter the property market.

We welcome this Government scheme and look forward to helping these first-time home buyers purchase a modest, first time home of their own.

Need a home loan? Let’s discuss the best options for you! Dial 03 8838 8726!

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Siraj Ahmed
Siraj Ahmed
2020-11-18
Verified review
Excellent service. Got us a great loan option and also worked with the bank to get the loan approved during the heights of COVID.
Dhruv Satra
Dhruv Satra
2020-11-18
Verified review
Malaka Ekanayake
Malaka Ekanayake
2020-11-10
Verified review
We have had a very pleasant experience working with Opulent Finance. We did not have that much experience with house loans as we were first home buyers but working with Opulent  Finance team specially with Ishara, made that experience stress free one. She helped us secure an incredibly competitive interest rate and offered her guidance so we can take advantage of the future interest rate drop. Thank you Ishara, Dayan and team for your incredible support and we have no hesitation what so ever in recommending Opulent Finance for your financial needs
Uma Gunaratne
Uma Gunaratne
2020-11-04
Verified review
Ishara is highly knowledgeable and if you are a first home buyer and new to the intricacies of all that home loans entail, she will really take you under her wing and impart her knowledge and experience and treat you as one of her own. She is also extremely patient but will also be very truthful and upfront in situations which is honestly what you need. She did a very complicated loan for us, and was so incredible efficient and organised with all the paperwork that was required. Not only that, she helped us secure an incredibly competitive interest rate! Ishara has probably spent hours and hours explaining to me details and giving me really good guidance through this momentous period in life! During the cooling off period and settlement, she was constantly chasing up our loan and honestly took a personal interest in the outcome. Our solicitor was also very happy about working with Ishara as she was following the entire process, was always up to date and very easy to work with. Considering that our entire process happened during the covid-19 lock-down and work from home environment, we have nothing but good things to say about how professional Ishara was as she didn't let a single thing slip. We are so glad that we have both Ishara and Dayan in our corner. We will definitely be using them for all future financing needs. Thank you Ishara, Dayan and team!
Harsha Ill
Harsha Ill
2020-10-11
Verified review
Opulent Finance gave professional advice for my unique home loan requirement. They respond quickly with the proper information. The process was smooth and I felt comfortable to deal with the team. The team is friendly and professional to deal with. Highly recommended for any one looking for finance.
S P
S P
2020-09-22
Verified review
I have been dealing with Ishara at Opulent Finance for over 6 months now and she has been faultless. She has helped me secure a loan pre-approval in no time and assisted me with my property purchases. I could not recommend Ishara highly enough.
Afshin Koohestani
Afshin Koohestani
2020-09-22
Verified review
Good service and offers.
Janaka Kumara
Janaka Kumara
2020-08-22
Verified review
A big shout out to Dayan and his team for the seamless service provided during the refinancing process. Thoroughly professional team that pays attention to every detail and has been extremely transparent throughout the process. A team that always has the best interest of clients in mind and makes all efforts to provide the right advise and outcomes to the clients. Highly recommended!
Rakesh Mistry
Rakesh Mistry
2020-08-19
Verified review
They called me back with solution
Indra Jaya
Indra Jaya
2020-08-12
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