As a triSearch Senior Business Development Manager, I like to keep my thumb on the pulse of the property market and look out for any changes that effect the conveyancing industry. Most recently, that came in the form of last Tuesday’s fourth release of the 2022/23 Federal Budget with the extension of the First Home Buyers scheme.
One of the many important factors which alters how our conveyancing industry trends is the ability for Australians to continue buying and selling property.
With the recent boom in the Australian property market, it has resulted in property values becoming too dear in metro regions.
Especially for young adults, single parents and young families wanting to invest in a home for the future, an extension of the First Home Buyers was needed. Thankfully, the financial reprieve came last week.
This of course, is great news for our industry as it will keep a consistent need for the conveyancing workflow into the future.
With the extension of the scheme, Australians can buy a property without having to save a 20 per cent deposit or take out lenders mortgage insurance, with the Home Guarantee Scheme expanded to 50,000 places per year for three years.
It more than doubles the number of places available with the scheme each year, with one in five scheme spots set aside for regional Australians.
First-home buyers and regional Australians can purchase with as little as a five per cent deposit, with the government providing a guarantee for up to 15 per cent of the purchase price, waiving the need for lenders mortgage insurance.
In addition to this, single parents looking to enter or re-enter the property market will be able to buy with a deposit of just two per cent, via the Family Home Guarantee, which has been expanded from 10,000 places over four years to 5000 places each year.
Ultimately, the extension of this scheme will create a stable foundation of new and repeat conveyancing clients.
If you need any help with improving your conveyancing workflow, don’t hesitate to reach out via my lauren.cunningham@triSearch.com.au.