Home ownership for first home buyers critical to the 2020 budget: REIA

The Real Estate Institute of Australia have provided five key recommendations to the Federal Government in the lead up to the October 6 budget.

REIA President Adrian Kelly said in the mid-COVID19 world, policies to assist first home buyers into the market-place, and providing a boost to the economy through property, were at the forefront of REIA’s considerations.

“Agents, renters, investors and those looking to enter the market for the first time are all facing difficulties,” said Kelly.

The recommendations to the Treasury targeted key areas for the Government to generate economic activity that supports agents and their clients, with a focus on market entry for first home buyers.

The recommendations are based on industry-led research and proven international models for the use of retirement savings to purchase property come from Canada, the Netherlands and New Zealand.

REIA seeks the expansion of the First Home Loan Deposit Scheme to include all first home buyers and an extension of the First Home Super Saver to allow access to pre-July 2017 voluntary contributions and earnings.

“For home renovators, we continue to support the HomeBuilder initiative by recommending a lowering of the program limits. This will encourage increased uptake of the program across the board for all Australians”, Kelly said.

“Lastly, for renters and property owners, for those working in the property sector and other industries that will take longer to recover, we support the extension of JobKeeper, JobSeeker and the rental support scheme, where needed.”

REIA suggested that the successful implementation of these policies could ensure Australia’s property agents continued support to renters and home buyers, and contribute to Australia’s long-term economic resilience.