00:00Who said the dream of owning your own home was dead?
00:07It's apparently an unkillable plant.
00:10This 27-year-old and the Prime Minister's own electorate bought this year with just a 5% deposit,
00:17with the Federal Government guaranteeing the other 15%.
00:20Well not having to pay mortgage insurance makes such a big difference.
00:25From today that scheme will expand, with income and place limits scrapped.
00:30First home buyers will also be able to purchase more expensive properties.
00:35Treasury forecasts the scheme will only add half a percent to values over six years.
00:40What that's likely to do is add demand into a red-hot property market
00:46and without a correlating increase in supply, property prices are likely to go up even further.
00:52National prices are already surging, up 0.8% in September and 4.8% for the year.
01:00With first home buyers taking on bigger loans and more interest,
01:04banks are competing hard to get a slice of the first home guarantee scheme market.
01:09With lenders offering discounted variable interest rates,
01:13Canstar says the average is about 5.4%.
01:17If people are paying, if they're having larger mortgages, isn't that a boon for banks?
01:21Well, they're not having larger mortgages.
01:24They're having a mortgage rather than paying off someone else's mortgage.
01:28Maria Hondrianas eventually wants someone else to pay off her mortgage.
01:33I hope this turns into an investment one day and I can use equity, go buy something else.
01:39It's only possible if she pays down the loan or the value of her property goes up.
01:44Well, it always shows up.
01:51www.ée-dradayourg
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