REA Group economist Anne Flaherty says there was “quite a lot” in the 2021 federal budget for the property market including some new schemes and extensions to existing ones.
“We saw a number of schemes announced last year extended further. For example, the first home loan deposit scheme and the new home guarantee each had an additional 10,000 places added to them,” she said.
“We also saw the first home loan supersaver scheme increased from a maximum amount of voluntary contributions from $30,000 to $50,000.
“We also saw a couple of new schemes, so the family home guarantee, which is designed for single parents who have a dependent to be able to purchase a property with a 2 per cent deposit”.
Ms Flaherty told Sky News the age at which people wishing to downsize can make a one-off contribution to their superannuation had been decreased from 65 to 60.
“So the idea of that is to help encourage people who are thinking about downsizing to perhaps do so a few years earlier and perhaps free up some stock for maybe younger families to buy”.
