REIA suggests changes for home saver initiative
The Real Estate Institute of Australia (REIA) has made their own suggestions to improve flexibility of the the government's proposed First Home Savers Account.
The First Home Savers Account is an initiative that was introduced by the Government to assist first home buyers in saving for a home through a combination of Government contributions and low taxes.
The Treasurer recently released an exposure draft of legislation for public consultation aimed at increasing the flexibility of First Home Saver Accounts.
"REIA welcomes the opportunity to be involved in matters that affect the property market, in particular, assisting first home buyers to achieve the goal of owning their own home," said REIA President, David Airey. "Whilst the proposed changes to the First Home Savers Account will not have a direct affect on housing affordability, it will enable first home buyers flexibility in the timing of their purchase to take advantage of house price fluctuations and/or reductions in fixed rate mortgages without having to wait for the minimum of four years to qualify."
He added: "We look forward to working with the Government on this matter and believe that the First Home Savers Account is an important initiative for young Australians looking to realise the dream of owning a home."
The group supports the slated new measures for the First Home Saver Account, adding that more revisions will make it effective. REIA suggests changes including: The cap on these accounts to be linked to movements in house prices rather than the CPI and that first home buyers have access to their voluntary superannuation contributions for the purchase of a home.