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Under the changes, all first home buyers will have access, with no caps on places or income limits. Property price caps will also be set higher in line with average house prices, providing access to a greater variety of homes. Through the expanded 5 per cent deposit scheme, the Albanese Government will guarantee a portion of a first home buyer’s home loan, https://worldfinancialreview.com/page/261/?p=l so they can purchase with a lower deposit and not pay Lenders Mortgage Insurance. Variable base rate At a minimum, you’ll get this rate (subject to change).
We’ve got different types of high interest savings accounts to suit all ages and stages. For the average first home buyer, access to the scheme cuts years off the time it takes to save for a deposit and saves tens of thousands of dollars on Lenders Mortgage Insurance. In just the first year alone, first home buyers using the scheme are expected to avoid around $1.5 billion in potential mortgage insurance costs.
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The last time $42,200 covered the 20 per cent deposit for a median home was 2002, which shows the generational scale of this change. The Albanese Labor Government is helping more Australians realise their dream of home ownership sooner, by launching 5 per cent deposits for all first home buyers early on 1 October 2025, instead of next year. The quickest and easiest way to close your account is through NAB Messaging in Internet Banking or the NAB app. Apologies but the Important Information section you are trying to view is not displaying properly at the moment.
Rewarding you with higher interest on balances over $5,000. Enjoy the security of a fixed rate for your nominated term. CommBank acknowledges the Traditional Owners of the lands across Australia as the continuing custodians of Country and Culture.
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The interest rate depends on your account balance. NAB acknowledges the Traditional Owners of the land as Australia’s First Peoples and recognises their continuing connection to lands, water and country. However you bank, you’ll pay no monthly account fee.
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Until 30 September 2025, all you need to do is have a Spend account and deposit $500+ per month into any Spend, Bills, or Save accounts (not including internal transfers) to get the bonus interest rate. See our personal banking fees and charges and indicator rates for deposit products. BOQ Group acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of the land where we live and work.
- Calculate how much you can earn with a term deposit account.
- Since coming to office in 2022, Labor has helped over 180,000 first home buyers get a home of their own with a lower deposit.
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