Improving opportunities for home ownership
The Morrison Government is today announcing additional measures to help more Australians own their home sooner as part of the 2021-22 Budget.
This follows the successful HomeBuilder program which is expected to support more than $30 billion in residential construction with more than 120,000 Australians applying for the grant.
As part of the 2021-22 Budget, the Government will:
- Establish the Family Home Guarantee with 10,000 guarantees made available over four years to single parents with dependants. The Family Home Guarantee allows them to purchase a home sooner with a deposit of as little as two per cent;
- Expand the New Home Guarantee for a second year, providing an additional 10,000 places in 2021-22. First home buyers seeking to build a new home or purchase a newly built home will be able to do so with a deposit of as little as five per cent; and
- Increase the maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme from $30,000 to $50,000.
The Morrison Government is also providing an additional $124.7 million in funding which will allow the states and territories to bolster public housing stocks, or to meet their social and community housing responsibilities under the 2011 Fair Work decision on Social and Community Services wages.
The Government understands the importance of owning your own home and the significant economic and social benefits home ownership provides.
Supporting more Australians to own their own home is part of the Government’s economic plan to secure Australia’s recovery.