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Subscriber only Skyrocketing prices and a shortage of building materials and tradespeople have crippled Sunshine Coast builders who fear they will not turn a profit this year. However, in the long run, the scheme and its extension has backfired on the building industry. Many local firms said they were locked into contracts at fixed prices at the start of the scheme but a massive shortage of roofing materials, timber, frames, trusses, hinges and tradespeople had driven prices up. This meant many Coast builders now no longer expected to make money in 2021. Third generation builder Mitch Butler, who started out in the Coast construction industry in 1971, said it had been the toughest year he had experienced.
Filed to:budget 2021
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Just the thought of buying a home seems ridiculous in this economy. House prices have spiked significantly following COVID-19, lots of people have lost their jobs and we all like our avocado toast.
But a couple of things from the 2021 federal budget today might actually make buying a home a little bit easier. Let’s break them down and see how you can best make use of the government’s offerings.
First Home Loan Deposit Scheme
The federal government announced 10,000 extra places for the First Home Loan Deposit Scheme (FHLDS) in the 2021-2022 financial year, for new homes. This covers those planning to buy a newly constructed home, property off the plan, house and land package or land and separate building contract.