First home buyers wanting to crack into the property market can now use an interactive map to see how much their neighbours spent, on average, for their first home.
This interactive map, which is being run by the federal government’s NHFIC, also shows how much your first-home-buying neighbours generally earn and how much they saved for a deposit
It also provides a snapshot of the median debt-to-income (DTI) ratio and loan-to-value (LVR) ratio in each local government area (LGA) across the country, which may seem a little less thrilling, but they’re both very important indicators when applying for finance.
The map is based on statistics from first home buyers who participated in the First Home Loan Deposit Scheme (FHLDS) between 1 January and 30 June 2020.
What is the First Home Loan Deposit Scheme?
The FHLDS allows eligible first home buyers with only a 5% deposit to purchase a property without paying for lenders mortgage insurance (LMI).
This can save you anywhere between $4,000 and $40,000, depending on the property price and the deposit amount you’ve saved.
There have been two successful runs of the scheme in January and July, when the 10,000 available spots were snatched up within months.
And another 10,000 spots opened up in early November as part of the federal government’s attempts to kick-start the economy following the COVID-19 crisis, however with different eligibility criteria
How to find out more
Check out the interactive map here to see how you compare to your neighbours in your local government area.
We can help you run some quick calculations (including your possible DTI and LVR) to see how we can ideally help you secure your first home