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.
“The new Family Home Guarantee will be a revolution in providing single custodial parents, the overwhelming majority of whom are women, with a step up to gaining the security that comes with home ownership,” she said
“The Family Home Guarantee will assist single mums to buy a home with a deposit as low as 2%, drawing on the success of the Government’s highly successful First Home Loan Deposit Scheme that allows first home buyers to build a new home with a deposit as low as 5%. It’s great news that this scheme has also been expanded by 10,000 new places,” Denita Wawn said.
“The expansion of the First Home Super Saver Scheme to allow the funds that can be withdrawn from $30,000 to $50,000 will boost its popularity and take up. Harnessing the power of compound interest in superannuation to save a deposit makes sense,” she said.
“ Master Builders has called for a boost in social housing investments by federal, state and territory governments. We are pleased to see the Federal Government stepping up today with a further $124.7 million to assist the states and territories with their role to provide community and social housing,” Denita Wawn said.