Homeshare Equity Scheme boost will help housing
28 November 2008
Statement by Mr. Chris Atkins, Executive Director, Master Builders Tasmania
Building activity will receive a big “government initiated” boost through the HomeShare shared equity scheme announced today by the Minister for Human Services, Lin Thorp, according to Master Builders Tasmania, the peak employer body representing the building and construction industry.
Mr Chris Atkins, Executive Director said, “The scheme will see the Government bridge the gap of between the cost of a home and the maximum amount a borrower can afford by up to $50,000. It can be very difficult for young people to get a good deposit together while paying rent and the HomeShare scheme will provide significant assistance to overcome this problem. A flow-on benefit is that those taking up the Scheme will free up the rental market and those currently squeezed out of that market will benefit from reduced rents.”
Mr. Atkins continued, “For first home buyers, the news is even better as they can also access the Federal Government’s increased First Home Buyers Boost grant worth $21,000 as well as up to $4,000 worth of State Government stamp duty relief. In a climate of falling interest rates, there really hasn’t been a better time for first home buyers to get into the market.”
“The government’s initiative will have positive impacts far beyond those being directly assisted by the HomeShare. As the initiative is only applicable to new properties being either a new completed home or a house and land package, it will not have an inflationary effect on existing houses. Additionally, it will boost new home construction in the state boosting the economy and will result in addressing supply side issues making housing generally more affordable. Further, the retail sector will also benefit as the recipients purchase soft furnishings, electrical goods, plants, landscaping goods and other items to complete their houses. The timing of this announcement should help to insulate the Tasmanian economy from the effects of the Global Financial Crisis and could not have come at a better time for the industry,” concluded Mr. Atkins.
C. Atkins
Executive Director
For further details contact: Chris Atkins (03) 6234 3810 Mob. 0438 623 438
or alternatively Michael Kerschbaum Mob. 0438 343 810
