Josh Frydenberg’s 2022 Federal Budget has been released and it may soothe up to 50,000 want-to- be-home owners across Australia.

The Real Estate Institute of South Australia (REISA) welcomes the added funding to the First Home Loan Deposit Scheme (FLHDS), which may be a reprieve for buyers in the boisterous Adelaide real estate market.

REISA’s CEO, Barry Money is pleased with the announcement of the additional targeted measures of 35,000 places for the first home buyers, 5,000 for the Family Home Measure and a surprise regional boost of 10,000 submissions for the Regional Home Guarantee.

“REISA has long been an advocate for extending and opening up both Federal and State First Home Buyer schemes to help more people get into their own homes,” said Money REISA is keen for South Australians to consider these new initiatives.

“It is a good time for South Australians to jump on board with the offer. South Australia outranks all other major capitals for liveability and remains affordable compared to the eastern states,” said Money.

Even though prices continue to boom throughout the state and the rising cost of living is a concern for most families, the additional funding for the scheme could mean a potential leg-up for hundreds of South Australians eager to get into their own homes.

“The ‘Great Australian dream’ is one step closer for younger generations. It’s also great to see support for the South Australian regions,” said Money.

Single parents would also be among the first to benefit from the Federal Scheme requiring only a historically low 2% deposit.

“This could help single parents break into the Adelaide market, which to date continues to boom unlike the dampening of similar markets in the Eastern States,” said Money.

Adelaide – and South Australia overall - remains a destination for growth and investment for anyone thinking of either building their dream home or thinking of a sound investment.

REISA suggests seeking independent financial advice prior to making an application for the scheme.

 “Always do your research first, get sound financial advice and then talk to one of REISA’s member agents,” said Money.