The Treasurer announced the 2021 Federal Budget which included a range of measures aimed at driving job creation, economic growth, helping more Australians purchase a home, increasing female workforce participation and putting more money into individuals’ and business owners’ pockets.
If you’ve put your property goals on hold during COVID-19, or if you’re starting your home buying journey these measures might help you get started. In fact, you might be able to reach your goals sooner than you think.
Here are a few initiatives from the Budget that you might be able to take advantage of:
- The First Home Loan Deposit Scheme will be made available to an additional 10,000 first-home buyers, so you can buy a home with a deposit of only 5% if eligible.
- An additional 10,000 places in the New Home Guarantee scheme will also be available to help first-home owners build or purchase a new home with a deposit as low as 5%.
- A new initiative, the Family Home Guarantee, will provide 10,000 single parents with dependants the opportunity to build or buy a home with a deposit as little as 2%.
- The First Home Super Saver Scheme has been updated to allow first-time home buyers to access up to $50,000 of their own contributions from their superannuation fund (previously $30,000).
- The low and middle income tax offset has been extended for another year. This offset gives individuals earning less than $126,000 per year up to $1,080 of tax relief, which may help you save for a deposit sooner and increase your borrowing capacity.
- The Government has announced a range of support and tax incentives aimed at making housing more affordable for older, disabled, low income and Indigenous Australians.
Contact me today if you would like to discuss how the Budget may help you to reach your property goals sooner.