City of Greater Shepparton Mayor Seema Abdullah said the scheme provided a valuable opportunity for singles and couples to enter the housing market, reducing the stress of trying to save a full deposit while paying rising living costs.
“Although the strategy is yet to be finalised, council is acting on its commitment to a multi-dimensional, incremental approach to addressing housing issues,” Cr Abdullah said.
“The scheme may only enable a small number of residents to get into their own homes sooner, but providing relief to those people, and increasing the number of properties available in Greater Shepparton’s rental market, will have flow-on benefits.”
The scheme will guarantee up to 15 per cent of the deposit for eligible buyers, to avoid lenders’ mortgage insurance, and up to 10 000 guarantees will be supported per financial year on a first-in first-served basis.
The affordable housing strategy could work in conjunction with other government programs such as the First Home Super Saver Scheme, or state grants and concessions.
In Greater Shepparton, the scheme would apply to properties priced up to $375 000.
For more information on the First Home Loan Deposit Scheme, including eligibility criteria, participating lenders, and how to apply, visit https://www.nhfic.gov.au/what-we-do/fhlds/
For further information on the Greater Shepparton Affordable Housing Strategy, visit http://greatershepparton.com.au/council/consultation/draft-affordable-housing-strategy, or phone the Building and Planning Department on 03 5832 9730.
