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MFAA welcomes home ownership measures

mike felton new mb e d mike felton new mb e d
Annie Kane 5 minute read

The Mortgage & Finance Association of Australia has applauded the federal government for its new measures to help Australians own their home sooner.

Following on from the announcement that the government is to launch a series of measures in the Budget 2021 to help more Australians buy residential property, the Mortgage & Finance Association of Australia (MFAA) has welcomed the initiatives, highlighting how brokers can help.

Noting the new Family Home Guarantee for single parents, as well as the expansion of the New Homes Guarantee and First Home Super Saver Scheme, the CEO of the MFAA, Mike Felton, commented: “For decades, the challenge for first home buyers has been the accumulation of the sizeable, required  deposit. The New Home Guarantee addresses this in a practical way,” Mr Felton said. 

“Once Australians get into the market, they generally go from strength to strength whilst enjoying the security of homeownership, so we will always back measures that seek to assist people to get into  their first home,” he added. 

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The MFAA CEO said that the association “recognise[s] the significant challenges that single parents face, which include finding and securing a family home”. 

He continued: “We’re pleased that this policy is targeted towards some of those in our society who need it most, and that previous relationships or homeownership will not impact the ability to access the Family Home Guarantee.”

The head of the broker association said that the mortgage broking industry “stood ready to assist” any Australian who needed assistance, and to consult on the implementation if required.  

“Mortgage brokers have always been there to help new home buyers, those with more complex credit situations and those who are more vulnerable following life changing events. 

“These initiatives will  continue to complement the work brokers do to help Australians access credit in a way that is convenient and which maintains strong competition in the Australian mortgage market,” Mr Felton said.  

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He concluded: “We look forward to working with NHFIC on these targeted  measures, to help ensure the roll-out reaches the people who really need it,” Mr Felton said. 

Further details of the new measures, along with a range of other initiatives aimed at helping support the economy recover from the COVID-19 pandemic, will be revealed this evening (11 May) when the Budget 2021/22 is released.

[Related: Government announces new home ownership scheme]

MFAA welcomes home ownership measures
mike felton new mb e d
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mike felton new mb e d
Annie Kane

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Email Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

 

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