First home buyers wanting to crack into the property market can now use an interactive map to see how much their neighbours spent on average for their first home.
Snoopy snoop! Everyone loves having a bit of a sticky-beak. After all, we’re only human.
And this interactive map, which is being run by the federal government’s NHFIC, allows you to see how much your neighbours spent on average for their first home.
It also shows how much your first-home-buying neighbours generally earn and how much they saved for a deposit.
It then provides a snapshot of the median debt-to-income (DTI) ratio and loan-to-value (LVR) ratio in each local government area across the country, which may seem a little less thrilling, but they’re both very important indicators when applying for finance.
The map is based on statistics from first home buyers who participated in the First Home Loan Deposit Scheme (FHLDS) between 1 January and 30 June 2020.
What’s the First Home Loan Deposit Scheme?
The FHLDS allows eligible first home buyers with only a 5% deposit to purchase a property without paying for lenders mortgage insurance (LMI).
This can save you anywhere between $4,000 and $40,000, depending on the property price and the deposit amount you’ve saved.
There have been two successful runs of the scheme in January and July, when the 10,000 available spots were snatched up within months.
And another 10,000 spots opened up in early November as part of the federal government’s attempts to kick-start the economy following the COVID-19 crisis.
So if you’re keen on nabbing a spot this time around, you’ll want to get in quick!
How to find out more
Check out the interactive map here to see how you compare to your neighbours in your local government area.
If you think you’re in the ballpark of being able to take advantage of the scheme yourself then get in touch with us today.
We can help you run some quick calculations (including your possible DTI and LVR) to see whether you’re ready to keep up with the Joneses and purchase a first home of your own.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
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