Our Plan to Support First Home Buyers;. So it looks as though Morrison’s only policy, tax cuts, won’t be able to be legislated in time to apply before the end of the financial year despite his bluster during the campaign.. get back to work.
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The Home Buyers’ Plan is a government program that allows those buying their first home to withdraw up to $25,000 from their RRSP to use as a down payment on a home. If you’re purchasing a home with someone who is also a first-time homebuyer, you can both access the Home Buyer’s Plan for a combined total of $50,000.
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The real estate figures are now calling on the Liberal leader to make urgent clarifications of how the policy will work. Early details of the $500 million plan, which were released just prior to the federal election, included a government promise to allow 10,000 first home buyers to purchase with only a 5 per cent deposit.
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· Mr Morrison said most first home buyers would be able to accelerate their savings by at least 30 per cent. However, in Sydney, house prices have jumped 70 per cent in five years, whereas incomes have risen only 13 per cent.