What does the budget mean for building in 2022?

With a new Labor government voted in, many are wondering what the impact will be for the building sector and for Australians more broadly.

Housing affordability has been a focal point throughout Anthony Albanese’s campaign, with a number of promises centring around the topic. First home buyers, support for regional growth and the cost of power have all come up, and no doubt Australians are curious about what to expect.

To shed some light, we’ve rounded up and unpacked some of the key policies our new government has in mind:

 

Help to Buy scheme

For those intending to buy a home to live in, Labor’s Help to Buy shared equity scheme aims to cut the cost of mortgages and reduce the deposit required by lenders to as low as 2 per cent.

Help to Buy involves the government co-purchasing a home with 10,000 eligible applicants each year. Over time the buyer can pay more to increase their ownership stake or repay the loan when they sell the property down the track. For buyers who will be looking to purchase an existing home, the Help to Buy scheme is said to provide up to 30 per cent of the purchase price. This increases to up to 40 per cent of the purchase price of a new home.

 

Powering Australia

Renewable energy is set to be invested in via the Powering Australia plan with the aim of increasing our focus on cheap, renewable energy.

This plan also intends to reduce power bills for households and for businesses. As a welcome flow-on effect, this plan estimates that it will create over 600,000 jobs by 2030.

what you should know as our customer - fairhaven homes in victoria

Regional First Home Guarantee

Labor is set to expand the First Home Guarantee to cater specifically to those wanting to live regionally. These places will be set aside for Australians who are already living in the region they would like to purchase in.

Meanwhile, the First Home Guarantee continues to be available, increasing to 35,000 places per year for the purchase of both new and existing homes. Under the First Home Guarantee schemes, eligible first home buyers can avoid lenders mortgage insurance (LMI) while being able to purchase a property with as little as a five per cent deposit.

 

Rebuilding Australia’s manufacturing industry

The Albanese Labor government is committed to ensuring that Australia is a country that makes things here, which will hopefully combat supply issues for many sectors over time.

Their plan for the manufacturing industry is comprehensive and focused on training skilled workers and more creating jobs opportunities in our country including agriculture, infrastructure, construction, transport and energy.

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