Australia will implement the "5% deposit scheme" for first home buyers.

The Australian government announced on the 25th that it will implement the "5% down payment plan" for first-time homebuyers starting on October 1 this year. According to the statement, under this plan, all first-time homebuyers can enjoy a down payment ratio as low as 5% and be exempt from paying expensive mortgage insurance under the government's guarantee. Previously, the down payment ratio for home purchases in Australia was typically 20%, and the previous housing guarantee program had restrictions on the number of first-time homebuyers and income. The statement also mentioned that lowering the down payment threshold for first-time homebuyers is part of the Australian government's housing plan worth about 43 billion Australian dollars, which also includes increasing housing supply and providing more support for renters.