Serena and Miffy were thrilled to crack the Brisbane property market in their early 20s — but just six weeks on, their unit has soared in value and they say they wouldn't be able to afford it now.
The couple bought their one-bedroom unit in Brisbane's affluent, leafy suburb of New Farm using the federal government's 5 per cent deposit scheme.
Loading...
"Without the scheme it would have been tight for us, it's definitely given us a leg up," 24-year-old Serena said.
Under the government's scheme, first home buyers across all income levels can now secure a property with just a 5 per cent deposit and avoid paying costly lenders mortgage insurance (LMI).
The scheme was previously limited to singles earning under $125,000 and couples with a combined income below $200,000, but the government has now lifted those income caps.
The scheme has drawn mixed
Continue Reading on ABC News Australia
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.