Save thousands on your home loan
Compare 25+ lenders and hundreds of loans in an instant
I want:
Westpac Macquarie citibank commonwealth bank anz bankwest
finni mortgages logo
google reviews
4.9
star star star star star
Rating based on 147 reviews

×

5 key ways to get first home buyers back in the market

31 AUG 2020 By Cameron Micallef 4 min read Investor Strategy

The government’s October budget should focus on areas including helping first home buyers enter the market, an industry group has advised.

young couple sold house spi

According to the president of the Real Estate Institute of Australia (REIA), Adrian Kelly, property could be used to boost the economy and help aid the recovery post-COVID-19.

“Agents, renters, investors and those looking to enter the market for the first time are all facing difficulties,” said Mr Kelly.

You’re out of free articles for this month

“Our recommendations to the Treasury target key areas for the government to generate economic activity that supports both agents and their clients, with a focus on market entry for first home buyers.”

Mr Kelly believes that measures related to property should target first home buyers.

“Specifically, we seek expansion of the First Home Loan Deposit Scheme to include all first home buyers and an extension of the First Home Super Saver to allow access to pre-July 2017 voluntary contributions and earnings,” Mr Kelly said.

He also believes that superannuation and retirement savings could be used for first home buyer to get into the market.

“There are proven international models for the use of retirement savings to purchase property from Canada, the Netherlands and New Zealand,” Mr Kelly pointed out.

Finally, Mr Kelly believes government stimulus packages should continually be used to help support the housing market.

“For home renovators, we continue to support the HomeBuilder initiative by recommending a lowering of the program limits. This will encourage increased uptake of the program across the board for all Australians.”

“Lastly, for renters and property owners, for those working in the property sector and other industries that will take longer to recover, we support the extension of JobKeeper, JobSeeker and the rental support scheme, where needed.”

REIA’s five key considerations are:

Tags:
You need to be a member to post comments. Become a member for free today!

Related articles