1.8K views · 13 reactions | If you are a first time buyer buying a home can seem a bit daunting. Watch this film for the 5 step process to buying a home through the Help to Buy Equity Loan Scheme. | Help to Buy Midlands | Facebook

The government is promoting their Help to Buy scheme where they will own 30-40% of your home (instead of you). While it might sound good to Australians desperate to get into a house, the details are terrifying. One of those details that didn't get much media attention was the structure of the mortgage. Government won't be a co-owner of the house, they'll be a second mortgagor. That means they are behind whichever Big Bank gives you the main mortgage. This is bad news because if house prices go d