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Want to know how much your neighbours paid for their first homes?

November 19, 2020

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.

Snoopy snoop! Everyone loves having a bit of a sticky-beak. After all, we’re only human.

And this interactive map, which is being run by the federal government’s NHFIC, allows you to see how much your neighbours spent on average for their first home.

It also shows how much your first-home-buying neighbours generally earn and how much they saved for a deposit.

It then provides a snapshot of the median debt-to-income (DTI) ratio and loan-to-value (LVR) ratio in each local government area 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’s 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.

So if you’re keen on nabbing a spot this time around, you’ll want to get in quick!

How to find out more

Check out the interactive map here to see how you compare to your neighbours in your local government area.

If you’re in the market looking for a home loan, you can click here to get in touch with our mortgage brokers. It’s as simple as filling up the details in the form and they will contact you at your convenience.

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Soho is your expert team in Australian real estate, offering an innovative platform for effortless property searches. With deep insights into buying, renting, and market trends, we guide you to make informed decisions, whether it's your first home or exploring new suburbs.
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