First home buyers will get some help under a Labor government, with Opposition Leader Peter Malinaukas pledging a low-interest loan scheme if elected.
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SUNDAY, MARCH 6
Labor leader Peter Malinaukas unveiled his plan to make housing more accessible for first time homeowners earlier this morning.
The opposition will work with government-backed lender HomeStart, to develop a low deposit home loan that will only require a three per cent deposit if elected.
“While rising property values have been great news for homeowners, so many young South Australians have seen their dream of home ownership slipping away,” Mr Malinauskas said.
“If more young South Australians can enter the property market now, it sets them up for the future.”
First home buyers will be eligible for the scheme if they are a South Australian resident and are purchasing a newly-constructed home or building a new home, following HomeStart lending criteria.
These first home buyers will also be entitled to the existing First Home Buyer grant of up to $15,000.
The policy announced earlier this morning is cost-neutral to the state budget with additional loans generating additional stamp duty, nearly all of which is paid out in additional first homebuyer grants to buyers.
The plan will also provide additional support for the local construction industry.
Meanwhile, Steven Marshall has announced he’s reintroducing the sport voucher program, this time doubling the amount to $200 if he’s re-elected.
Around 100,000 vouchers will be claimed by new clubs and sporting applications, which will cost $20 million over two years.
“Taking $200 off sporting fees per child provides a welcome relief for households who can put the cash towards other cost-of-living pressures without having to restrict their child’s lifestyle,” Mr Marshall said earlier this morning.
“Combined with our $100 school fee discount at public schools, the average South Australian family is now saving $300 per child per year.”
Originally published as SA election 2022: What’s been announced week 3 | Labor’s first home buyers pledge