By Thomas Duff For Daily Mail Australia
Published: 03:38 BST, 15 May 2019 | Updated: 04:04 BST, 15 May 2019
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First home buyers will be saddled with larger monthly repayments and extra interest over the life of a loan driving up the cost of property under Scott Morrison's new deposit scheme, financial experts have warned.
The loan guarantee means first home buyers will be able to secure properties with deposits of just five per cent instead of the typical 20 per cent.
Mr Morrison announced the policy at the Coalition's campaign launch on Sunday and it was quickly backed by Labor meaning it will be introduced regardless of who wins Saturday's election.
The new scheme has now been slammed by finance experts who warn it will lump borrowers with more debt.
First home buyers will be saddled with larger monthly repayments and extra interest over the life of a loan driving up the cost of property under Scott Morrison's new deposit scheme, financial experts have warned
A mortgage on a $500,000 property would cost an extra $57,000 in interest or
