13 May 21
Budget 2021/2022 Highlights For Real Estate
The key budgetary measures are:
- Family Home Guarantee – This government-guaranteed transitional loan is for single parents with dependents. It allows them to purchase a home with as little as a 2% deposit. The scheme will see 10,000 places made available over the next four years. This is a great outcome for both single men and women.
- New Home Guarantee – An expansion of the First Home Loan Deposit Scheme which sees 10,000 more places allocated for the 2021/22 financial year. This enables First Home Buyers purchasing a new home (or building) to purchase with a 5% deposit (and the government guarantees the 15% balance).
- First Home Super Saver Scheme – The maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme will be increased from the previous $30,000 cap to $50,000.
- Incentives to downsize – From 1 July, Australians aged over 60 (previously 65) will be able to make a one-off, post-tax contribution of up to $300,000 per person (or $600,000 per couple) to their super when they sell their home.
- Pension Loans Scheme (PLS) – Available to people who claim the age pension and self-funded retirees, this is for older Australians who own their own home and want to use some of the equity in it to boost their retirement income without selling up. Eligible people will be able to receive a maximum lump-sum advance payment equal to 50 percent of the maximum age pension. That's around $12,385 for singles and $18,670 for couples.
- Social and Affordable Housing - $125 million has been allocated for social and affordable housing for the states & territories
- Domestic Violence - $164.8 million has been allocated to support women and children fleeing domestic violence. For the next two years, victims can receive payments of up to $1,500 in immediate cash and a further $3,500 in-kind for goods or direct payments of rental bonds, school fees or other items.
Please call Ranges First National on 9754 6111 or Mick Dolphin on 0429 684 522 for any further information or for help in securing your next home.