IT'S OFFICIAL! FEDERAL BUDGET WILL IMPROVE YOUR LIFE!

IT's official! Federal Budget will improve your life! So what does it mean for real estate?

First Home Buyers

-The government has announced an additional 10,000 places will be made available under the First Home Loan Deposit Scheme - which helps homebuyers purchase a home with a deposit as low as 5 percent and provides a guarantee against mortgage insurance.

-Importantly buyers of apartments, which have been the most affected segment during the pandemic, can purchase off-the-plan under this scheme.

Single Parents Housing Support

-A new initiative called the Family home Guarentee has been unveiled, which provides eligible single parents with dependants the opportunity to build a new home or purchase an existing home with a deposit of 2 percent.

Superannuation Contributions

-Under the First Home Super Saver Scheme, homebuyers can now use up to $50,000 from a mix of voluntary contributions and associated earnings.

-The age eligibility threshold will also be reduced from 65 years to 60 years for pensioners who wish to make a one-off contribution of up to $300,000 to their superannuation after selling their home.

Source: 2021 UDIA Australia