Locals across the Wimmera, Mallee, and Mildura region could be in their own homes sooner than first thought, with a new bill proposed in Parliament for first home buyers.
The bill is made of two parts.
The first part is allowing Australians to make voluntary contributions to superannuation and then be able to withdraw those contributions when necessary to purchase a home.
The second focuses on allowing individuals aged 65 years or over to use the proceeds of selling their main home to make contributions of up to $300,000 to their superannuation for support when downsizing.
Member for Mallee Andrew Broad has backed the bill, hoping it will reduce pressure on housing affordability measures.
Mr Broad says if the Government can provide a mechanism where a person that can accelerate their capacity to get a deposit instead of paying rent, they’d pay off a home that will eventually be theirs.