In exciting news for first home buyers, the new 5% Deposit Scheme is now available, helping more Australians buy their first home sooner. The key benefits include:

• Low deposit
• No income caps
• No Lenders Mortgage Insurance – save on upfront fees
• Wide choice of home types (including home and land packages and building on vacant land)
• Unlimited spots and no waiting list
• Property price cap increased to $1.5m

These new settings will empower first home buyers with much greater choice. With the higher property value thresholds (up to $1.5m), first home buyers can take advantage of this program at Campbell & Hart.

So if you are a keen first home buyer, make sure you have your finance pre-approved, understand your borrowing limit and work with a mortgage broker or bank so you are ready to act.

Experts are saying these are the most favourable conditions in decades – the removal of income caps, increase in price threshold to $1.5m and the likelihood of further interest rate cuts combine to create a rare opportunity.

You can read more about how to get into your first home sooner here.