The government of South Australia on Tuesday announced its 2019-2020 state budget, allocating official cash to numerous housing initiatives.
“This budget will assist in the economic revival of the South Australian economy with a range of measures that will stimulate employment in the housing industry,” said HIA Regional Executive Director Stephen Knight.
The state government committed to a $104.5 million housing-sector stimulus package, including an Affordable Housing Fund. The fund is set to provide interest-free deposit gap loans of up to $10,000 through HomeStart, to be available from 1 September 2019 for two years.
HomeStart Finance offers affordable home loans to South Australians whether they are a first-home buyer, buying their next home or looking to refinance.
The government’s housing-sector package also included $42.5 million for affordable housing construction, preventative maintenance and upgrades for older housing stock.
The government also committed $75 million over five years to address critical housing needs for people in remote communities.
“The housing sector package will go a long way to supporting home buyers, builders and associated trades across the industry and the wider economy,” Knight said. “HIA is very pleased to see the SA government is supporting the housing industry at a time when the market has contracted significantly. These initiatives will help boost employment in the sector and assist with retaining skilled trades in South Australia.”
The budget also indicated infrastructure investments, which will support activity and confidence, according to HIA.
“SA needs to reinforce its recent economic revival with investments that will support economic growth and productivity gains, and we applaud the SA Government for the progress it has made to this end,” said Knight.
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