Australian Real Estate Market 2020 // Buy Now Or Wait? (First Home Loan Deposit Scheme)

In this video, I’m going to offer my tackle the present Australian Real Estate Market 2020, and whether or not if it is worthwhile leveraging the primary residence mortgage deposit scheme. Check out my Federal Budget 2020 right here šŸ‘‰

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Link to the instance I used within the video:

Let’s discuss concerning the first residence mortgage deposit scheme first.

Put merely, the target of the scheme is to assist eligible first residence patrons to personal a house sooner fairly than later.

To do this, the federal government is offering a assure to taking part lenders, which is able to allow first residence patrons to buy a house with a 5% deposit, with out having to pay for the extra lenders mortgage insurance coverage value.

Normally, with a 5% deposit, you would need to pay for lenders mortgage insurance coverage costing tens of 1000’s of {dollars}.

For instance, say I’m tremendous lavish and need to purchase a home in Sydney for 950K with a 5% deposit, with out the primary residence mortgage deposit scheme, I must pay a further 40,000 in lenders mortgage insurance coverage.

With the scheme, assuming that I’m eligible, I can purchase a 950K home with a 5% deposit and no LMI value.

Of course, you continue to must pay for all the opposite bills your self like authorized, stamp responsibility and many others.

Now the scheme solely applies to newly constructed properties, since it is also a part of the plan to create jobs within the building sector.

To be eligible beneath the scheme, you’ll be able to’t be a baller incomes greater than $125K a yr, and you may’t be an influence couple incomes greater than $200K a yr mixed.

There are solely 10,000 locations obtainable, and the value ceiling of latest properties you should buy has additionally been elevated.

Disclaimer: Iā€™m not a monetary advisor. The info contained on this video is for instructional and leisure functions solely. Any purchases of inventory that I present throughout the video shouldn’t be thought-about monetary recommendation and you must seek the advice of a licensed monetary advisor earlier than making any funding choices. I cannot be held responsible for any losses incurred for investments or trades that mirror my technique. Please watch out!

Please be aware: a few of these hyperlinks are affiliate hyperlinks the place I’ll earn a small fee should you make a purchase order at no extra value to you.

Real Estate