First Home Loan Deposit Scheme extension could be just the start

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New homes are the key beneficiary of the nation’s latest first-home buyer stimulus.

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

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This is how long it takes on average to save for a first home deposit in each Australian capital city

  • Domain has released data revealing how long it is taking the average first home buyer to save a 20% deposit.
  • Timelines differ dramatically between markets, from less than two years to buy a Darwin apartment all the way up to six and a half years for a Sydney house.
  • Here’s how much you’ll need, and how much it’s changed in recent years.
  • Visit Business Insider Australia’s homepage for more stories.

First home buyers are plunging into the market during the pandemic, but for most, it’s taken a good few years of saving to get to the point of purchasing.

New data from Domain has revealed just how long on average it takes new homeowners to work up enough of a 20% deposit to buy in each capital city.

While prices in most markets have been on a tear higher in recent years, there have been exceptions.

“Although the majority of

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