2 Percent Home Deposit
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What is the main topic discussed in this episode?
It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia.
And welcome to another episode of The Real Estate Podcast, available on iHeartRadio, also on Spotify and Apple Podcasts, or wherever you get your podcast from. And welcome to a Wednesday morning, March the 30th. In a moment, Steve Mickenbecker is back and we are also going to have a look at the win for first home buyers from yesterday's budget announcement.
It's the main centre forecast with propertybuyer.com.au.
Yeah, let's have a look at the weather for today. And in Sydney, expecting showers with a high of 22 degrees. Melbourne, showers developing and 20. Brisbane, expecting a possible morning shower with 28 degrees. And in Perth, expecting a high of 28 or so with the possibility of a shower or two and a possible thunderstorm.
We feature market updates, interviews and trends. It's your real estate podcast for breakfast.
Well, the government is expanding its first home buyers scheme, which was announced in the budget yesterday, where people only need to have a 5% deposit to buy a house with no lender's mortgage insurance. And it's expanding the scheme from 10,000 places up to 35,000 places a year. But it comes with rules on who is eligible and how expensive the houses can be. And on top of that, it's creating a new regional housing scheme. with 10,000 annual places from October the first for first home buyers or people who haven't owned property in the last five years, including permanent residents. And this new scheme is aimed at encouraging construction, which is an important element in regional areas. Now, to access it, people have to either build or buy a newly built home.
In a designated regional area, the budget also includes money to extend the Family Home Guarantee Scheme, which, while not exclusively for first home buyers, is aimed at helping single parents either buy their first home or re-enter the property market. And the scheme means that eligible people only have to come up with 2% deposit to buy a house and not pay lenders mortgage insurance. And last year the government announced that it would offer 10,000 places over four years. It's now adding 5,000 extra places a year. So quite a bit of good news there for first home buyers. And coming up in just a moment, we're going to be speaking to Steve Mickenbecker. And just a reminder that the interview with Steve was recorded before the budget announcements.
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Well, last time we spoke to this morning's guest, we talked about a generation of home mortgage borrowers who have only ever known the good times of mortgage rates going down, down, down, and most of them have borrowed heavy to get into the property market. But they are the ones currently in the property market, and if you are outside the entry point, the cost of a home is only getting more and more expensive, as we know. But as we discussed, the government is looking at taking an equity stake in a home purchase. And is that a viable option moving forward? Well, joining us again is Steve Mickenbecker from Canstar, who is back. Good morning, Steve. Welcome back to the Real Estate Podcast.
Good morning, Craig. It's great to be with you.
First off, the oil prices. Ah man, they're going to be a real headache for the government to soften the blow from the Ukraine crisis. These price hikes cut right across all sectors. No one is really spared from feeling the Bowser pump pain, but we're pretty resilient. We're a resilient bunch of Aussies. We have to adapt to it. It's a global issue and it is potentially set to last for some time really, sort of moving forward, unfortunately.
The unfortunate part of it is that household expenses, now it's not just petrol, the bowser, it's also the grocery basket, have gone up quite rapidly, disturbingly actually in the last 12 months. Wages haven't kept pace. We're yet to see wage inflation really take off. So it's going to be a headache until we start seeing wages move along with household expenses.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:02–6:44
2
What budget changes expand first home buyer places from 10,000 to 35,000 and who qualifies?
6:44–9:15
3
How does the new regional housing scheme work and who is eligible from October 1?
9:15–12:09
4
What is the Family Home Guarantee extension and how does a 2% deposit option operate?
12:09–12:25
Speakers
3 identifiedMore from Aussie Real Estate Podcast
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