New Measures Build More Opportunity For Home Ownership
8 May 2021
Owning your own home is the key to economic security. New Federal Government measures announced today will help thousands more people achieve this.
“Builders, tradies, single mums, first home buyers in communities around the country will back the Government in making home ownership a centre piece of the Budget,” Denita Wawn, CEO of Master Builders Australia said.
“Every $1 spent building new housing delivers $3 in benefits to the wider economy result so this undoubtledly good news for the whole community,” she said.
“Overcoming the deposit gap is the greatest barrier to home ownership and these measures will be life-changing for so many people,” Denita Wawn said.
Date Time
Industry welcomes additional home ownership measures
Australia’s property industry has welcomed the Federal Government’s announcement of additional home ownership measures in the 2021-22 Budget.
The Government has announced the expansion of the New Home Guarantee for a second year, a $20,000 increase to the maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme, and the establishment of a Family Home Guarantee.
Property Council Chief Executive Ken Morrison said the initiatives will assist the residential sector to continue to drive Australia’s economic recovery.
“These measures build off the economy-saving success of the HomeBuilder scheme by providing more focused support where it is most needed,” Mr Morrison said.
Liberal Party of Australia
The Morrison Government is today announcing additional measures to help more Australians own their home sooner as part of the 2021-22 Budget.
This follows the successful HomeBuilder program which is expected to support more than $30 billion in residential construction with more than 120,000 Australians applying for the grant.
As part of the 2021-22 Budget, the Government will:
Establish the Family Home Guarantee with 10,000 guarantees made available over four years to single parents with dependants. The Family Home Guarantee allows them to purchase a home sooner with a deposit of as little as two per cent;
Expand the New Home Guarantee for a second year, providing an additional 10,000 places in 2021-22. First home buyers seeking to build a new home or purchase a newly built home will be able to do so with a deposit of as little as five per cent; and
Australian Treasury
The Morrison Government is today announcing additional measures to help more Australians own their home sooner as part of the 2021-22 Budget.
This follows the successful HomeBuilder program which is expected to support more than $30 billion in residential construction with more than 120,000 Australians applying for the grant.
As part of the 2021-22 Budget, the Government will:
Establish the Family Home Guarantee with 10,000 guarantees made available over four years to single parents with dependants. The Family Home Guarantee allows them to purchase a home sooner with a deposit of as little as two per cent;
Expand the New Home Guarantee for a second year, providing an additional 10,000 places in 2021-22. First home buyers seeking to build a new home or purchase a newly built home will be able to do so with a deposit of as little as five per cent; and
Advertisement
Australians will be given more help to buy their first homes in a budget boost that offers loan guarantees and more scope for people to use superannuation to save a deposit that helps them enter the booming housing market.
First-home buyers will be able to release $50,000 from special accounts within their super funds as long as they are going to live in the properties they buy with the proceeds.
Treasurer Josh Frydenberg will announce measures to help first-home buyers get into the market.
Credit:Alex Ellinghausen
The move increases the maximum withdrawal from $30,000 to recognise the rise in house prices since the scheme began four years ago, amid a political row over whether to use super for housing.