New Housing Scheme – 5% Deposit to Get a Home Loan! – Worst Policy Ever?

New Housing Scheme – 5% Deposit to Get a Home Loan! – Worst Policy Ever?. 5% deposit election promise for first home buyers - 9 News

New Housing Scheme – 5% Deposit to Get a Home Loan! – Worst Policy Ever? video duration 6 Minute(s) 32 Second(s), published by Daily Rant Australia on 15 05 2019 - 02:15:22.

With less than a week until the Australian federal election, Prime Minister Scott Morrison decided to unveil some new housing policy on Sunday titled, “First 5 Deposit Mortgages - when people ask about these, they're talking about 95% mortgages
with a 5% deposit
Do 5 Deposit Mortgages or, to be accurate, 95% .

5 Deposit Mortgages - when people ask about these, they're talking about 95% mortgages
with a 5% deposit
Do 5 Deposit Mortgages or, to be accurate, 95% With less than a week until the Australian federal election, Prime Minister Scott Morrison decided to unveil some new housing policy on Sunday titled, “First A $500m Coalition election pledge is offering first home buyers the chance to put down a 5% deposit without having to shell out thousands in lenders mortgage .

With less than a week until the Australian federal election, Prime Minister Scott Morrison decided to unveil some new housing policy on Sunday titled, “First Home Loan Deposit Scheme”. From the Liberal Party’s website, the Scheme involves the following:

• New home buyers will be able to apply for a home loan with a deposit as low as 5% (instead of the normal 20%).
• They will not be subject to lenders' mortgage insurance (LMI) since the government will underwrite their home loans and will serve as the guarantor. This will save borrowers about $10,000.
• The Scheme will be available to 10,000 first-home buyers per year earning up to $125,000 annually, or $200,000 for couples.
• The Scheme is relatively cheap, costing only about $500 million.
• If the current government is re-elected, the Scheme would take effect 1 January 2020.

After this Scheme was announced, the Australian Labor Party quickly jumped in and said they would match the Coalition’s Scheme as well. Although, they were quick to point out that the Scheme was obviously a “desperate attempt to try and relate to Australians struggling to get into the market”.

I like how it’s been referred to as a “scheme”, because that’s exactly what it is:

Scheme — noun: A secret or underhand plan; a plot. \