New housing accord to deliver 1m new homes
The federal government has rolled out a new policy to address what it calls “one of our nation’s biggest economic challenges” – housing affordability.
The National Housing Accord, which was unveiled in the recent Budget, aims to improve affordability by building one million new well-located homes over five years from 2024.
What makes the accord unique is that, for the first time, it aligns the efforts of governments, institutional investors and the construction sector.
The role of the construction sector will be to build homes that are more energy-efficient and to train more apprentices.
Institutional investors, like superannuation funds, will be expected to fund development projects “for their members’ interests and for the national interest”.
As for governments:
- The federal government will provide financing options to facilitate institutional investment in social and affordable housing
- States and territories will expedite zoning, planning and land release for social and affordable housing
- Councils will deliver planning reforms and free up land for new builds
Whether you want to build a new home or buy an existing home, it’s important you get your finances in order so you maximise your chances of qualifying for a loan.
Three ways to make yourself more creditworthy are to:
- Pay all your bills on time;
- Reduce your expenses; and
- Increase your income.
Contact me if you need a pre-approval.
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