Ten thousand more places under the FHLDS will be made available from July 1, 2021. This capped scheme enables first home owners to build or buy a new home with as little as five per cent deposit, with the remainder of the required 20 per cent deposit guaranteed by the government.
Buyers can use the FHLDS in conjunction with other incentives including stamp duty exemptions and concessions, first home owner grants, HomeBuilder and the First Home Super Save Scheme.
In addition, the commencement period for existing applicants of HomeBuilder has been extended by a year, in order to deal with issues of supplies and labour shortage.
More opportunity for single parents
The new Family Home Guarantee that begins on July 1, offers eligible applicants the opportunity to purchase a home with as little as two per cent deposit. Like the FHLDS, there are 10,000 places available and the government guarantees the remainder of the deposit.
Positive outlook for investors
In its recently released Budget Strategy and Outlook paper, the government has described the current national real estate market as “robust” and said it expected current price growth to slow but significant demand to continue over the medium term. All good signs for investors and potential investors.
“Dwelling investment has continued to strengthen amid robust housing market fundamentals, including record low interest rates and stimulatory housing policy incentives from Commonwealth, state and territory governments — including the HomeBuilder program,” the Budget Strategy and Outlook read.
“The housing market rebounded in the second half of 2020 and this has continued into early 2021 with sustained strength in building approvals and owner-occupier lending, including to first home buyers.
“The near-term outlook for housing activity has strengthened considerably, supported by an elevated pipeline of construction work and rising house prices.
“However, the policy-driven strength in demand for detached house construction partly reflects a bring-forward in demand from future years and activity is expected to moderate as the current pipeline of work is completed.
“As the outlook for elevated levels of detached house construction unwinds, slower population growth is also expected to limit demand for higher-density dwellings in coming years, such that the recent strength in housing market activity is not expected to be sustained.”
If you’re an investor, first home, buyer, downsizer or rightsizer looking for a new home, please reach out to the team at Toplace and let us know how we can help you.
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