Thousands will miss out on First Start scheme

The Western Australian state government's $300 million shared equity scheme has been swamped with registrations from first home buyers desperate to break into the housing market. The First Start scheme received 2,400 registrations of interest since it was launched two weeks ago. But the scheme has the capacity to assist only 1,000 households a year for the next three years. With the First Start scheme home buyers on low to moderate incomes would be able to buy a property in partnership with the government at a lower cost than a full mortgage. The government would have a 30 to 40 per cent stake in the property and provide the home buyer with a low deposit Keystart loan to buy the remaining share. Each year about 17,500 people apply for the first home owners grant.