Budget a win for first home buyers and women

The Real Estate Institute of Australia (REIA) has welcomed the 2021 Federal Governments budget saying it is a win for women and first home buyers closing in on their deposit gap.

The Morrison Government today announced additional measures to help more Australians own their home sooner as part of the 2021-22 Budget.

REIA President, Adrian Kelly said the government guaranteed transitional loans for single parents to match a two per cent deposit is a great outcome and whilst it is for both single men and women, maintains a Pink Budget focus on helping women into housing.

Mr Kelly said the First Home Loan Deposit Scheme is also a good outcome with the scheme allowing for 10,000 places for the next financial year for homes built since January 2021.

The First Home Super Saver has been lifted from $30,000 to $50,000 and will greatly assist in easing the difficulties this group face in obtaining a home.

Expansion of this scheme has been a long standing REIA priority since it was first introduced and is a good taxation incentive which will help more first home buyers enter the market, Mr Kelly said.

According to Mr Kelly, social and affordable housing is another issue REIA was keen to have addressed and welcomes the news that the budget is tackling this.

The $125 million set aside for social and affordable housing for the States and Territories will help ease a growing problem, Mr Kelly said.

“The pandemic showed how desperately needed affordable housing is so this will help address the three per cent of the housing spectrum that require housing stock of this kind.

The scheduled annual 10,000 First Home Loan Deposit places in July will mean 30,000 places will come online to support first home buyers over the winter which is positive, and banks are enthusiastic that these places will all be subscribed.

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