First home buyers are among the main groups who have found support from the Real Estate Institute of Australia through their recent pre-budget submission.

REIA has made five key recommendations to the Australian Government in the lead up to the 6 October 2020 Budget which has included the expansion of the First Home Loan Deposit Scheme. 

REIA President, Mr 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.  

5 key recommendations:

• Expand the First Home Loan Deposit Scheme to include all first home-owners 
• Extend First Home Super Saver to include pre-July 2017 extra contributions and earnings
• Continue to support the success of HomeBuilder by lowering the limits of the program 
• Extend JobKeeper and JobSeeker for sectors affected in the long term by CV-19
• Extension of rental support for sectors affected in the long term by CV-19

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

“Our recommendations to Treasury target key areas for Government to generate economic activity that supports both agents and their clients, with a focus on market entry for first home buyers. 

“Specifically, we seek 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.”

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Source: REIA

Mr Kelly said there are proven international models for the use of retirement savings to purchase property from Canada, the Netherlands and New Zealand. 

“For home renovators, we continue to support the HomeBuilder initiative by recommending a lowering of the program limits," said Mr Kelly.

This will encourage increased uptake of the program across the board for all Australians.” 

“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.” 

The successful implementation of these policies ensures Australia’s property agents can continue to support renters and home buyers nationwide and contribute to Australia’s long-term economic resilience. 

The REIA 2020-2021 Pre-Budget Submission builds on the 9 point plan to Treasury’s Coronavirus Liaison Unit in June 2020. 

They include:

• Extension of JobKeeper for some sectors including real estate agents
• Extension of JobSeeker for some sectors 
• Abolish or at least a temporary cessation of stamp duties on residential property 
• Abolish or at least a temporary cessation of payroll tax 
• Abolition or at least temporary concessions on land Tax 
• Assistance for renters in vulnerable industry sectors
• First Home Buyer Assistance 
• Support for regional areas through infrastructure investment and support for businesses locating to regional areas 
• Review the lower limit for HomeBuilder eligibility. 

The REIA 2020-2021 Pre-Budget Submission can be viewed here.  

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