The measures to support home ownership contained in this budget will help thousands of Australians achieve the dream of home ownership, according to the Housing Industry Association. Source: Timberbiz
“Research shows that 85% of renting households aspire to own their own home, yet only 45% feel they will achieve it,” HIA Managing Director Graham Wolfe said.
“All levels of government have a role to play in restoring the rate of home ownership and the measures announced yesterday demonstrate that the federal government is committed to playing a bigger role.”
Mr Wolfe said that while many people can service a mortgage, the deposit gap continues to be the biggest barrier to home ownership. The announcement of 50,000 places per annum under the Home Guarantee Scheme would support more Australians gain the security that comes with owning their own home.
“The First Home Super Saver Scheme is also providing a lower tax environment for home deposit savings,” he said.
“The increase in the withdrawal cap to $50,000 will enable first home buyers to keep more of their savings and pay less tax to help them save a deposit sooner.
“Secure housing is a fundamental need for everyone. As state governments scale back their direct provision of public housing, it is crucial that the not-for-profit community housing sector is supported to fill the void.”
Mr Wolfe said that extending the liability cap of the affordable housing aggregator by a further $2 billion would enable the National Housing Finance and Investment Corporation to continue to build this critical housing.
“Access to funding via NHFIC will enable the community housing sector to make more affordable housing available to those having difficulty accessing the private rental market now and into the future,” he said.
“The critical shortage of skilled trades workers that we are experiencing today is the outcome of a sustained decline in apprentice numbers over a long period. The Boosting Apprenticeship Commencements scheme turned this trend around, with apprentice and trainee commencements in the year to September 2021 increasing by 88% compared to the previous year.
“The new Australian Apprenticeship Incentive System will take over from the BAC on 1 July. Acknowledging the need to incentivise people to start training makes great sense, as does continuing to support employers to take on those wanting to start their career in a trade.
“This budget comes at a time when the housing industry is facing some of the greatest challenges on record. Supporting home builders to meet the housing needs of all Australians will deliver on the nation’s home ownership aspirations.”