First-time buyers could be eligible to receive a 5 or 10 percent incentive from the Federal Government to aid in the purchase of their first home. To qualify a household should earn less than $120,000 per year, for a maximum mortgage of $480,000, with a maximum purchase price of $565,000. The interest free advance would need to be repaid within 25 years or when the house is sold. At time of sale the 5 or 10 percent advance will be calculated according to the sale price. Details here.
