This year’s Budget included aspects to help more Australians become home owners, through the following:
Regional Guarantee for First-Time Home Buyers
The government will help 10,000 eligible first-time buyers in regional Australia buy a home every year by guaranteeing up to 15% of the price.
Helping Veterans Buy Their Own Homes
The Defence Home Ownership Assistance Scheme will be made bigger with the help of $46.2 million from the government. This will help veterans and members of the Australian Defence Force buy a home by paying for their monthly mortgage interest payments.
Help to Buy
Under Help to Buy, people who qualify will be able to get an equity contribution that will help them buy a home with a smaller down payment and a smaller mortgage.
Downsizing
The government is giving people aged 55 to 59 years more time to make downsizer contributions to their superannuation. It will also remove the sale of a home from the pension asset test for another year.
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