“Moving with the times”. Home ownership will soon be in closer reach for millions of Australians, as the federal government makes a bid to tackle the housing crisis. 9News
First Home Guarantee, which supports eligible first home buyers with a deposit as little as five per cent.Regional Home Buyer Guarantee which helps regional buyers crack into the housing market.
The Family Home Guarantee is currently only open to single parents with at least one dependent child.It means guardians of children such as grandparents, aunts, uncles or foster carers will become eligible.The scheme will also widen to people who haven't owned a property in 10 years, helping those who have lost their home in financial crisis or a relationship breakdown.Federal Housing Minister Julie Collins has told Weekend Today the change was about "moving with the times".
Collins said the scheme would be capped at 50,000 places to ensure it would not impact the housing market. "We have price caps on it, and what we don't want to do, is impact prices but obviously we do want to get and support Australians into home ownership sooner," she said.The changes come weeks after new research by YouGov showed nine in 10Nationals Leader David Littleproud said the changes would help the housing crisis in a "small way".
"It's part of the total package of solutions that are required but the biggest challenge we have got, is supply," he told"We need to increase supply and there is going to be more pressure now that the government wants to bring in 650,000 new migrants over the next two years."Continue reading
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