Morrison woos first-home buyers with expanded loan deposit scheme

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Prime Minister Scott Morrison has announced that from July 1 the government will radically increase the price caps currently placed on the First Home Loan Deposit Scheme.

From July 1, the scheme will apply to homes worth up to $900,000 in Sydney and up to $800,000 in Melbourne.

Currently the scheme allows up to 50,000 first home buyers to purchase a property with a deposit as little as five per cent, with the government acting as guarantor for the remaining 15 per cent.

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Yesterday Mr Morrison announced that the price caps on homes for the scheme will be lifted in Melbourne and Sydney.