Everyone wants a place to call their own, somewhere they can build a foundation for their life and raise their family. In recent years, this dream has started to seem further away for a large percentage of Australians and is currently a huge focus on the issue of housing affordability on the T.V news, talkback radio and countless websites. Anyone who has looked at purchasing a house in one of the trendier inner city suburbs over the past year would wonder how anyone could break into the housing market at this stage. While government and business alike have been slow acting over the past decade, they are now aware of the scale of the issue and are starting to be proactive in this area. The good news is that programs are now being put in place from numerous sectors that bring the dream of home ownership back into the hands of the majority of working people. Housing Affordability ProgramsLocal Government While the Federal government has not been proactive yet in this important area, the state governments have started to take the lead. The daunting issue of upfront costs are being addressed, with a number of state governments looking at:

• Abolishing stamp duty for homes up to a certain price point
• Significant increases to the First Home Buyer Grants.
• Co-Purchase and shared equity agreements with the government.

The first point of lowering stamp duty is already in place in Victoria, where they have abolished stamp duty for first time buyers on homes up to $600 000, and cut stamp duty on homes valued up to $750 000. The first home buyers grants for a number of states are also under review, with Victoria taking the lead and doubling the grant to $20,000 in regional Victoria.Shared Equity Both the Victorian and Western Australian governments have developed an innovative new way of helping people break into the property market. These governments offer a shared equity program, allowing first home buyers to effectively co-purchase their home with the government. These programs are designed to support households that qualify for a bank loan but need help saving a deposit. The current Western Australia program has helped more than 1,500 households buy homes to date. You will need to contact the relevant department in your state to see the eligibility criteria for these programs.

Low Deposit House & Land PackagesI am sure that you have heard this one before, but “rent money is dead money”. Not just leaving the housing affordability issue to the government, home builders have taken the issue on and created a number of minimal deposit house and land packages to help people break into the market and own their first home. Home builders have also recognised that building up a large deposit while paying rent can take your dream a lot longer to come true, and push you further out of the affordability picture as prices continue to rise.For as low as $1500, you get a choice of designs in a number of growing estates, with great inclusions for your brand new home. Take the time to look through the builders listed on the iBuildNew website, as a large number of them are now coming to the party and helping people get a “foot in the door” of their new home. Or you can call one of our expert consultants who can connect you with the builders who provide this service. Young buyers can use these programs to leverage first-home owner grants with minimal savings. For example, Buyers pay $2000, add their $10,000 grant and then arrange additional finance with the home builder to cover any gap between that amount and the 5 per cent deposit.

Regional Living 

A lot of the housing affordability debate rages around the metro areas and outlying suburbs, with very little consideration placed on regional Australia. Prices in these locations, especially for land that you can then build on can be significantly lower than metropolitan regions. If a move is possible at this stage in your life, you may be very interested to see just how far your dollar goes when you cast your gaze away from the capital cities. Building Is A Great Option For Housing Affordability While the prices for established property have gone through the roof, prices for land in certain areas have not seen the same level of increase. With the competitive home building market, there has never been a wider range of home plans and styles to choose from at such great prices. Builders are doing all they can to sweeten the deal with inclusions, and the end product is a home that is uniquely your own, perfectly suited to your family with only a small amount of compromise. Comparing plans and builders on a site such as iBuildNew could make that first step towards home ownership all that much easier, and working with a professional builder will see you finish with a new home without any wear or tear, and the associated maintenance/renovation costs!