Budget will help people to get on the property ladder.
Both the Housing Industry Association (HIA) and Master Builders Australia have welcomed the latest Budget, stating that it will incentivise home building and help the national recovery.
Among the announced changes were: an increase in the number of people who could apply for places in the First Home Loan Deposit Scheme if they buy or build, and a $1.2 billion injection into the Suporting Apprentices and Trainees wage subsidy.
HIA managing director Graham Wolfe says the Budget would give home buyers and workers in the sector the confidence required to navigate a tough time, helping people to access a home of their own.
He says: “By increasing the number of people eligible for the First Home Loan Deposit Scheme by 10,000, focusing on new home builds, and raising the price thresholds, the Government has opened the door to a larger group of first home buyers.”
According to research, home ownership is one of the top three issues Australians care about.
Graham adds: ““The Government is listening to industry. Combined with the confidence-boosting business investment incentives, these measures will go a good way to helping Australians during these unprecedented times to secure a job and achieve their dream of home ownership.”
Master Builders Australia chief executive Denita Wawn adds that the Budget will support the country to build its way out of recession.
“Making building and construction the keystone of COVID recovery is the right call by the government,” she said, adding the hundreds of thousands of small building and construction companies now have hope of staying afloat.
She adds: “The extension of the First Home Loan Deposit scheme and the $1 billion for the construction of new affordable housing will extend the opportunity to own a home to thousands more people for whom it seemed out of reach.”
She believes it will unlock even more investment and further activate residential building as the engine of economic growth and employment.