What Happened to the Low Deposit Home Buyer Scheme
In an effort to help first time home buyers, there had been a rumored home buyer scheme that would be announced near the release of the spring budget. The details were well discussed and there were those voicing for and against the scheme. The expectation was for an opportunity to assist home buyers with a lower deposit of only 1.0%. This was offered as a solution due to the difficulty of saving for a deposit, which has been reported as taking an average of ten years to do so. However, there were those that believed it would put homeowners at a greater risk of falling into negative equity especially if property values declined from the current higher prices.