New data from Housing Australia shows that more than 87,000 homebuyers in NSW have made use of the Australian Government five percent deposit scheme since its launch in 2020.
One such couple is 25-year-old heavy vehicle mechanic Matt and his partner, 25-year-old Sonia, a customer experience specialist, who were renting for three-years before buying their three-bedroom, one-bathroom duplex in St Helens Park late last year
“Our motivation was primarily to escape the cycle of perpetual renting and gain the security and comfort of owning our own place,’’ Matt said.
Matt and Sonia – pictured above in front of their home – had rough estimates of what they could borrow, which lea them to look for a home in the St Helen’s Park area which would offer them space, within budget and proximity to a national park.
“We have medium-income jobs and no extra financial support. When looking we had a few negotiables and non-negotiables, like we needed something with somewhat of a backyard and a decent undercover area,” Sonia explained.
Matt and Sonia are two of more than 157,000 young Australians under the age of 30 nationally who have used the Australian Government’s five percent deposit scheme to buy their first home since it launched in 2020.
“We were aware of the deposit scheme when we started our home buying research process, but the expansion of the scheme in October last year accelerated our plans, as originally we hadn’t thought we’d be able to buy until 2026. It was a game-changer for us,” Sonia said.
“We absolutely love our new duplex, which backs onto a national park and is perfect for walking our dogs, and the control we now have over our own home,’’ Matt said.
“We hope our story will show others in our age group that homeownership is possible without parental help or high-paying jobs.’’
Potential buyers may be able to buy their first home sooner with the Australian Government 5 percent Deposit Scheme. To check eligibility or to explore other Australian Government home buyer schemes, visit firsthomebuyers.gov.au