Jane Hume (Victoria, Liberal Party, Assistant Minister for Superannuation, Financial Services and Financial Technology) Share this | Hansard source

Just to recap, the scheme will provide 10,000 guarantees to first home buyers every year. Those first home buyers will have a deposit of at least five per cent of the property price. They'll have a taxable income in the prior financial year of below $125,000 per annum for singles and $200,000 for couples. It will only involve owner-occupied principle and interest loans, and they have to be Australian citizens purchasing that property. It is expected that the usual competitive principles will apply to lenders offering these loans, and interest rates will reflect the competition in the market. Any costs associated with providing the loans will be absorbed by the participating lenders. There are such limitations on the scheme that it is not believed that it will have any significant effect on property markets.