【The Gardian】Australia Government announces price caps for first-home buyer deposit scheme

The Morrison government has announced further details of its first-homebuyer deposit scheme, an election promise that stands to benefit up to 10,000 Australians each year.

The government has also announced price caps for support through the scheme, which is $700,000 for a house in Sydney and $600,000 in Melbourne.

First homebuyers will only have to save 5% of a deposit under the plan, with the federal government to guarantee the difference of a standard down payment.

The scheme will kick off from January next year, when eligible first home buyers will be able to apply to yet-to-be-announced lenders.

The Morrison government is seeking feedback on the draft framework for the scheme until 4 November.

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