With the recent 2021-22 Federal Budget announcement, Australians will now be provided with more assistance to purchase their first home and enter the housing market. Below are some of the new changes within the budget that affect first home buyers like you.
Since the highly successful HomeBuilder grant was introduced on the 4th June 2020, over 120,000 applications were received. This initiative safeguarded around one million jobs and boosted activity in the residential construction sector which at the time, was heavily impacted by Covid-19.
Now, the Government has announced it will extend the construction commencement period to 18 months to smooth out the HomeBuilder construction pipeline and further support jobs within the industry. This means that if you submitted an application between 4th June 2020 - 14th April 2021, your builder now has 18 months to start the construction of your home.
New Home Guarantee
After the success of the First Home Loan Deposit Scheme, this new budget temporarily expands the Scheme by allowing an extra 10,000 New Home Guarantees in 2021-22. This will be made available from 1 July 2021 - 30 June 2022 and allows more first home buyers to build or buy a newly built home and enter the housing market with a deposit of as little as 5 percent.
First Home Super Saver Scheme
If you’re an eligible first home buyer, the new First Home Super Saver Scheme allows you to release up to $50,000 in eligible superannuation contributions to use as a deposit for your first home from 1 July 2022. This incentive is beneficial to assist you with the purchase of your first home.
Family Home Guarantee
In this financial year’s federal budget, the Government established a new program called the Family Home Guarantee, which aids eligible single parents with dependants the assistance to build a new home, or purchase an existing home with a deposit of as little as 2 percent. As of 1 July 2021, 10,000 Family Home Guarantees will be made available over four financial years.
This initiative is aimed at single parents with dependants, regardless of whether that single parent is a first home buyer or previous owner-occupier. For the full terms and conditions and to check eligibility, we advise you to visit the Australian Government website.
With all these great Government initiatives, there’s never been a better time to start the journey of building your first home. At Domaine Homes, affordability is our domain. Keeping costs low through a simple and transparent approach to plans, inclusions and colours, means that we make the experience of building your first home easier and more affordable.
When you build with Domaine Homes, you’ll have peace of mind that your home has been built to the highest quality. We’re so confident in our quality assurance that our homes are backed by a Lifetime Structural Guarantee. So if you’re looking for an affordable builder that doesn’t stint on quality, make sure you check out our beautiful home designs, or visit your nearest display centre to chat to one of our friendly consultants.