The 2022 Federal Budget will help thousands of people become property owners and improve their financial futures, according to the Property Investment Professionals of Australia (PIPA).
PIPA Chair Nicola McDougall said saving a property deposit has always been difficult, but even more so now with record property prices and soaring cost of living pressures.
“The doubling of the Federal Government’s various home guarantee schemes will assist some 50,000 people annually, many of whom may have struggled to achieve home ownership without it,” Ms McDougall said.
“The role that home ownership plays in the creation of household wealth as well as housing security cannot be denied, but record property prices is preventing many people from ever achieving that goal.
“It’s especially pleasing to see the Family Home Guarantee for single parents expanded to 5000 places every year until 2025 because these are the buyers who need assistance the most.
“With rental markets critically undersupplied around the nation, helping single parents make the usually difficult transition from being a tenant to a homeowner will make a significant difference to their lives as well as to the lives of their children.
“Research has previously found that by 2056, the rate of homeownership for over-65s in Australia will have declined from about 76 per cent today to about 57 per cent.
“These declining rates of homeownership may see more people spending their twilight years living in poverty, especially women and men who may never had the chance to purchase their own home due to being a single parent.
“Schemes such as these will help thousands of potential homeowners, which will fundamentally improve their financial situation throughout their lives as well as during retirement.”
ENDS
You can contact PIPA Chair Nicola McDougall for an interview via [email protected] or on 0405 801 979
