First-home buyers set to receive budget help to enter the market

A boost is expected for first-home buyers in tomorrow’s Federal Budget…

The Treasurer has stated that the number of first-time buyers in the housing market is at the highest level in more than a decade.

It’s been an interesting 12 months for Australian property prices, with pandemic related uncertainty in the marketplace steadied by 2020’s HomeBuilder stimulus. And despite the grant coming to an end, the property market has continued to boom.

Tomorrow’s budget is set to deliver even further incentives for first-home buyers to enter the housing market by enabling them to access their superannuation to save a deposit.

First-home buyers are set to be able to release $50,000 from accounts within their super funds as long as they plan to live in the property purchased.

This announcement sits alongside an additional 10,000 places expected to be added to the First Home Loan Deposit Scheme.

Treasurer Josh Frydenberg stated that “These programs are designed to achieve greater home ownership, including higher numbers of first-time buyers. That’s an important policy outcome that gives them more security in retirement, and increases their standard of living…”.

Read more about this expected budget announcement here.

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