At the beginning of the new year, the first home purchase subsidy program has become a major media hype topic, readers have left a message to ask: first home purchase plan and their own relationship?
Today I will use the form of cartoon to explain the first home purchase plan.
1
Morrison`s promise was to deliver on the Liberal Party`s campaign promises. When prime minister mr morrison came to power, details were released of the first-time buyer`s down payment for guarantee. During the year,10,000 places will be allocated to each state or territory to help 10,000 people enter the housing market.
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/78ED42F5-69BF-9495-B80B-240EC60DEA94.jpg)
2
Under the First Home Loan Deposit Scheme policy, first-time buyers pay only 5% of the down payment, and the remaining 15% of the down payment is provided by government guarantee, which means buyers save a lot of LMI.
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/EBECC066-27AD-4EBE-F38E-FFA243E383A3.jpg)
Typically, homebuyers need a 20% deposit on house prices as a down payment and banks provide 80% of their home loans. Note: government guaranteee 15% down payment is only "guaranteeee ". As a borrower, you still have to pay the money, not for nothing. If it exceeds 80% of the loan line, homebuyers will pay credit premiums to financial institutions. In other words, even if you don`t have the policy, you can apply for a 95% loan if your conditions are good enough, but you have to pay a high premium for insurance.
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/825204DB-C238-B316-0CC7-9D4CD4891D66.jpg)
3
What conditions can I apply for? Conditions are met: Singles with a first-time home and an annual income of less than $125000, or families with a first-time home annual gross income of less than $200,000, are eligible to apply.
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/B0235B83-B8C8-B6EE-0E75-ABBE1A1A35FB.jpg)
Applicants must be Australian citizen aged 18 or above.
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/95D9055F-DA3B-2642-F9AD-2AE10B552332.jpg)
Homebuyers have never made house purchases in Australia.
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/390C8E7A-4501-0F31-7860-29BB9B8DC9DA.jpg)
Many people use first-time home ownership plans as a lifeline to the housing market. In a big city like sydney or melbourne, the plan is a chicken policy. Let`s take first - time home purchase as an example.
- 95 per cent loan ($665,000) and repayment of principal and interest
- The monthly repayment at the current rate is about 3,000 Australian dollars
- Revenue $120,000
- $7,100 per month after tax
- less the cost of house ($1000)
- Sydney cost of living (around 3,000)
Such cash flows are quite dangerous for individuals.
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/59A5CFBB-EA32-BD31-B23B-2C3CCD3E014F.jpg)
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/EA58B9EE-84DE-785A-01D0-3752EF6F6FD8.jpg)
So the price of A $700,000 is largely empty, and single buyers must cut their budget to around A $500,000. What can they buy in Sydney and Melbourne?
4
Maximum Home Purchase Rate
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/1014FE65-1059-8250-5295-C29250F5C5CA.jpg)
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/F15BA126-630A-21AF-FF98-4EEABBAC4D0C.jpg)
So this plan is suitable for lower-priced areas.
5
The optional bank not all banks can apply for the scheme. The following is a detailed list of the financial institutions authorized to represent the project:
![Take a look at the 'First Home Purchase Scheme ', which has been hotly debated by the public for five minutes](/Attach/Download/E72F53FB-4984-286B-A6F5-C8A4D0EACD37/0F14300E-1649-099E-4BC8-3DFD73A8BA9F.jpg)