Permabanned
- Joined
- 6 Sep 2011
- Posts
- 1,726
Has anyone used this?
I'm looking to buy my first home and I have heard mixed things. The way I understand it is the government lend me 20% of the house value as a deposit which I have to pay back within 5 years to be interested free.
After the 5 years it backdates interest starting a 1.6 or something like that and going up every year with inflation.
It only seems like a good deal if you are able to pay the 20% back within 5 years. That to me seems pretty good as its essentially an interests free deal.
I'm looking to buy my first home and I have heard mixed things. The way I understand it is the government lend me 20% of the house value as a deposit which I have to pay back within 5 years to be interested free.
After the 5 years it backdates interest starting a 1.6 or something like that and going up every year with inflation.
It only seems like a good deal if you are able to pay the 20% back within 5 years. That to me seems pretty good as its essentially an interests free deal.