With the new year under way, Benalla's first-home buyers are anxiously undertaking what is required to purchase their slice of real estate.
The Federal Government’s newly re-tweaked First Home Loan Deposit Scheme kicked off in January and has already been flooded with applications for the first run of loans.
The First Home Loan Deposit Scheme helps first-home buyer’s on lower incomes to enter the property market.
It requires a deposit of just five per cent, helping buyers avoid the need to pay for mortgage insurance.
In Benalla the median sales price in the third quarter of 2019 was $289 000.
A property at that value would now only require a deposit of $14 450 to a first-time buyer.
And with that being an average price there would be options available for even less deposit.
The main hurdle in a town such as Benalla is the availability of properties, with far fewer available to local first-time buyers, than to their metropolitan counterparts.
Across regional Victoria, the scheme is capped to properties worth $375 000.
This First Home Loan Deposit Scheme is in addition to the already successful First Home Owners Grant, making it even easier to purchase a house.
This generous incentive helps new buyers get into the market at a faster pace, which has been widely welcomed across the Victorian real estate sector.
Only a few weeks into the new year and thousands of potential home buyers have already made applications, with the 3000 spots that were available in January being rapidly filled.
The Federal Government has reported that the median income for single buyers that have applied for the scheme is just $68 900.
Anything that makes the property-owning dream more achievable is a worthy program.
It’s an exciting time for those who have been successful and are starting their search to find the right property.
Regional Victoria remains a great place to invest in with many growing towns and regions to choose from.
Young buyers can get larger, more finished properties that provide a great lifestyle at more affordable prices.
Ten-thousand more places in the scheme will be available from February.
As always, if a buyer or a seller is looking for objective information on the market or an agency, they should visit reiv.com.au