Council to help first home buyers with $83,000 deposit
FIRST home buyers could be handed up $83,000 under a bold new plan to help people find a home without having to build up the deposit.
There is one catch - the deal is only available for those wanting to live in the newly-developed West Dapto region of Illawarra in New South Wales.
Wollongong Council is offering to pay the 20% deposit on homes worth up to $415,000 as part of a plan to help singles, couples and families on lower incomes to buy a new home and land.
In the next three years, Lord Mayor Gordon Bradbery said he hoped the scheme would help at least 123 households by late 2017.
"This will hopefully allow people on relatively small incomes to find their way into the housing game, which many in our country are struggling to get into," he told the Illawarra Mercury.
The council is working through the details with NSW building society IMB.
Would you support the council helping first home buyers like this?