The expansion to the Federal Government's Home Guarantee Scheme, which allows first-home buyers to purchase a property with only a 5% deposit, comes into effect this week.

Canberra

The Australian government has broadened its Home Guarantee Scheme, enabling all first-home buyers to purchase property with a 5% deposit regardless of income, while avoiding lenders' mortgage insurance as the government acts as guarantor. The price cap on eligible properties has also been increased to further assist buyers.

While the initiative is intended to reduce the time it takes for young Australians to buy their first home, critics warn it could increase household debt and bank profits, and may have a limited impact on housing affordability due to ongoing supply issues. The government is defending its $43 billion housing agenda, but the Reserve Bank has expressed doubt about significant improvements in the near term.

5% deposit scheme for first-home buyers comes into effect

Hello. Hi, really nice to meet you. Nice to meet you. Helping young Australians put down roots. 27-year-old Maria Hondrogiannis took up the Home Guarantee Scheme... That's smart. ..to buy her own place in the Prime Minister's electorate. Getting 20% deposit as one person is virtually impossible. From today, all first-home buyers can purchase with a 5% deposit, regardless of their income, and avoid lenders' mortgage insurance with the government acting as guarantor. The price cap on eligible properties also increasing. Today, our government is slashing the time it takes young Australians to get into their first home. With the median house price now $845,000, a 20% deposit's $169,000, 5% is $42,000. A bigger loan means more interest. Instead of paying off someone else's mortgage, they'll be paying off a home of their own. It'll saddle them with enormous levels of debt and it will increase the profits of banks. An increased demand in the market. The PM downplaying concerns it'll drive up house prices. It will have a minimal impact. There will be a slight increase in prices. This probably will be a flurry of activity. I don't think it'll take very long for a lot of the more desirable suburbs to exceed the price caps. National home prices rose 0.5% in September, up 6.2% over the past year. That's being driven by the fact that we've already seen and further cuts are expected. We have a supply issue and you don't need an economics degree to understand that. The Coalition's pushing for cuts to migration to ease demand as the federal government struggles to reach its target of 1.2 million new homes in five years. Labor's defending its efforts. A $43 billion agenda, the majority of which is going towards building more homes. Despite this reality check from the Reserve Bank. I'm not confident it's going to make any impact in the next two years. Chloe Boris, 10 News.

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Washington

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Quantico

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Hollywood

Global Tariffs

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Ukraine Invasion

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Tamil Nadu

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Karur

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Breakdown