Federal government has deeply focussed on the cost-of-living crisis in its 2025-26 budget with providing tax relief, attempting to curtail inflation and interest rates, more affordable and accessible medical bulk billing keeping in mind the impact of cyclone Alfred, global tariff threats, current war in Europe and the slowdown in economic growth of US and China.
On the housing turf government attempts can be briefly summarised in below points.
Boosting alternative housing construction methods like prefabricated and modular homes.
Wider assistance for first home buyers where the federal government will hold an equity share of 40 per cent in new homes and 30 per cent equity in existing homes. This will benefit the first home buyers where they will have not only a smaller mortgage but also reduced repayments.
In this new scheme the income for individuals will be capped at $100,000 which was $90,000 previously and for the single parents and joint applicants this cap has been increased to $160,000 from $120,000. For qualification purposes the applicants must be able to show that they have 2 per cent deposit amount in their savings and must also contribute towards the associated costs of purchasing the home like stamp duty, bank and legal fees.
Read full article at:
https://reiwa.com.au/news/federal-budget-2025-housing-initiatives/