Victorian first-home buyers can make an up to $850,000 first step onto the property ladder under an extended and revised key housing support program.
On Saturday, Housing Minister Michael Sukkar announced an additional 10,000 First Home Loan Deposit Scheme places, and raised the cap in Victoria from $600,000 to $850,000.
But the extra 10,000 places nationwide are reserved for those buying off the plan, or a newly built home.
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The scheme allows first-home buyers to purchase a home on a deposit as low as 5 per cent without paying lenders’ mortgage insurance, as the government goes guarantor on their loan.
Building industry groups have lauded the move, but