Alternative to first home grant

He says he felt compelled to do this after the Government scrapped the first home loan grant.

His platform Aera is designed for first homeowners to open investment accounts with the aim of saving towards a home deposit. It is offering $10,000 in credits, which can be redeemed for a first house deposit.

The savings products, which have targeted annualised returns of up to 7.15%, unlock Aera’s Deposit Credits programme giving first-home buyers a $10,000 ‘head start’ toward their first home deposit.

First-home buyers can access Aera’s head-start credits by signing up to one of Aera’s savings products, unlocking $500 upon signing up to the new plan.