FIRST HOME BUYERS SCHEME UPDATE

 

The Labour government has announced they will be bringing forward changes to the First Home Buyer Scheme, originally planned for January 2026, so that they now take effect from October 2025.

Key Changes:

• Higher Price Caps: FHBs in Perth will now be able to purchase properties up to $850,000 under the scheme. Total cost needed for such purchase now, including stamp duty and conveyancing fees is roughly $85k! Income needed to service such loan is approx. $165k p.a.
• Greater Accessibility: Previous restrictions around income thresholds and property values have been relaxed, allowing more buyers to qualify.

What This Means for the Market

• Increased Competition: Properties in the $700k–$850k range will become highly sought after, with FHBs driving demand. Especially those FHB clients we saw who weren't previously eligible. 
• Sellers: For those sitting on the fence about selling, this policy shift should provide a strong incentive. You guys are the experts but no doubt it'll drive the market for $700-$850k price bracket. 

Good luck and reach out to Brandon Ngadino 0412 270 243 brandon@checkmyrate.au

You know what the Government should do is get cracking and abolish the stamp duty, build some small houses, help those people instead of doing all this as our fhb cant afford to go to $850k. 

So exasperating as it's not going to free up any more homes for the fhb to buy, they are in such short supply its only increasing the competition.

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