The lack of action on negative gearing, was largely foreseen by property experts, with Right Property Group’s Viktor Kumar commenting that “parties don’t mess around with property and tax pre-election. If they do, they get annihilated at the elections”.
A new ‘Family Home Guarantee’ has been introduced. This will allow up to 10,000 single parents to purchase a home with as little as a 2% deposit over the next four years. The scheme comes into effect from 1 July 2021 and is subject to a similar price cap system as the existing First Home Buyers scheme.
The FHLDS (New Homes) scheme, launched last year, will be expanded for a second year, providing an additional 10,000 places in 2021-22.