The Commonwealth Government handed down the 2021-22 Federal Budget on 11 May 2021, and included a few measures focussed on helping people looking to get into the housing market.

Firstly, the Government will be establishing the Family Home Guarantee for 10,000 single parents with dependents to support them to enter, or re-enter, the housing market with a deposit of as little as two per cent.

Secondly, the Government will extend the First Home Loan Deposit Scheme to provide an additional 10,000 new places in 2021-22 to allow eligible first home buyers to build a new home or purchase a newly built home with a deposit of as little as five per cent.

The Government will also increase the maximum amount of voluntary concessional and non-concessional contributions under the First Home Super Saver Scheme from $30,000 to $50,000, which the Government expects to be in place from 1 July 2022.

For those who already own their home, for existing applicants under the HomeBuilder Scheme, the Government has extended the construction commencement requirement from six months to 18 months in response to workforce and supply constraints as a result of the COVID-19 pandemic.

If you have further questions or are uncertain about any aspect of the housing measures outlined here, please contact us, we are here to help.