Homebuyers up in the air despite new government home loan support

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

Labor's "Help to buy" home loan scheme

Labor's centrepiece cost-of-living policy announced during the election was its Help to Buy scheme, which aimed to slash the cost of buying a new dwelling by 40 per cent and an existing one by 30 per cent.

Up to 10,000 applicants could get smaller deposits, smaller mortgages and smaller repayments.

Low-income borrowers may still find it hard to qualify for a mortgage when relying on a 2 per cent deposit, especially given that other schemes have not been successful.

Home loan qualification

The federal government concedes that saving a 2 per cent deposit won't be nearly enough for most low- to middle-income borrowers to qualify for finance to buy a home.

This is particularly so given that the mortgage might still be over $600,000 even after the government’s contribution , depending on where the home is located.”

That said, the barrier to entry for battlers may not be permanent.

NHFIC’s existing first-home loan scheme, requiring applicants to put down 5 per cent has a 90 percent success rate.

It’s not much for the desperate battler looking to buy a home, but it might provide some hope for someone in need of a loan to purchase an $800,000 home with only $16,000 instead of $40,000 deposit.

First-home buyers who don’t have government help and a 20 per cent deposit will need to pay lenders mortgage insurance.

Home loan experts

It would be essential for first home buyers to consult experts where and what to buy, especially given they will eventually need to pay back the government's equity stake, including capital growth.

It is even more important when, fundamentally, they will have to give up a significant percentage of the home equity and any value gain if they choose to sell down the track. In fact, this may prevent them from upgrading at all.

A survey of 1000 Australians found 41 per cent want the new federal government to address housing affordability, as many as those wanting an improved healthcare system, and even more than those seeking action on climate change.

Published:Sunday, 29th May 2022
Author:

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

Share this news item:

Finance News

Clear

Spring Boating Push Puts Safety and Finance Planning Together

03 Sep 2026: Paige Estritori

Spring is shifting Australia’s boating market into a more active phase, with warmer weekends likely to bring more inspections, test runs and conversations with dealers and private sellers. Alongside that renewed interest, seasonal safety reminders are also becoming more important for anyone preparing to buy, upgrade or return a vessel to regular use. - read more

Used Boat Interest Builds as Spring Buying Season Nears

27 Aug 2026: Paige Estritori

Australia's used boat market is moving back into sharper focus as the spring boating season approaches, with marine classifieds and dealer activity again putting late-model trailer boats, fishing rigs, family runabouts, personal watercraft and cruisers in front of motivated buyers. For households that have spent winter researching models, the next few weeks may bring more inspection opportunities, but also more pressure to act quickly when a suitable vessel appears. - read more

Fresh Rate Signals Put Boat Finance Back Under the Microscope

13 Aug 2026: Paige Estritori

Australia's winter boat show season has left many buyers with brochures, dealer follow-ups and a clearer sense of the vessel they want. The latest finance market signals now point to the next challenge: making sure the loan structure is as carefully chosen as the boat itself. - read more

After the Sydney Boat Show, Finance Planning Takes Centre Stage

05 Aug 2026: Paige Estritori

With the 2026 Sydney Boat Show now complete, many Australian buyers are moving from browsing mode into decision mode. The event brought a broad mix of trailer boats, fishing craft, family cruisers, personal watercraft, electronics and accessories into one place, giving would-be owners a valuable chance to compare models and speak with dealers. The next step, however, is less glamorous and more important: turning enthusiasm into a sustainable finance plan. - read more

Boat Buyers Urged to Check the Numbers as Show Season Builds

29 Jul 2026: Paige Estritori

Australia’s major boat show calendar is again putting boating dreams in front of thousands of would-be buyers, with new launches, dealer promotions and late-model used vessels all competing for attention. For households considering a first boat or an upgrade, the excitement is understandable. The more important story, however, is financial discipline: the best-looking deal on the stand is not always the lowest-cost ownership outcome over the life of a loan. - read more

Sydney Boat Show Puts Boat Buyers Back in Planning Mode

22 Jul 2026: Paige Estritori

The 2026 Sydney Boat Show is shaping up as a timely checkpoint for Australians thinking about a first boat, an upgrade or a move into a more capable family, fishing or cruising vessel. Returning to Sydney Showground at Sydney Olympic Park from 30 July to 2 August, the event is expected to bring together more than 120 local and international exhibitors, hundreds of boats and thousands of marine products across boating, fishing, watersports and outdoor lifestyle categories. - read more

Click for more Finance News

Time to Refinance?

If you are seeking lower rates, lower fees and more flexibility in your home loan. you are in luck! Our national panel of mortgage brokers is looking forward to an opportunity to assist you. Apply online for a free eligibility assessment and one of our broker network refinance specialists will get on the case to track down the best deal for your individual circumstances. Without any obligation and at no charge to you!

... start here ...