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Author: The Real Estate Institute of Australia
welcomes the announcement by the Australian Banking Association to implement a
new phase of support to assist customers, as the six month loan repayment
deferral period draws to an end.
REIA President Adrian Kelly said supporting home
owners during this phase where they may be finding it difficult to continue
paying their mortgage, is to be applauded.
“If owners and landlords are supported, then tenants, some of who are from the most affected
industries through COVID-19, are also supported," Mr Kelly said.
September deadline draws nearer, the banks have made a sensible decision to
give home owners a bit more breathing space, for those who need it, to work
with the banks and get them on their feet financially.
“The Federal Government will need to consider further rent subsidies post
September in order to ensure that tenants who have lost employment are not
The REIA has also put forward recommendations to the Federal Government to assist the
real estate sector and tenants to continue contributing to the economy as it
recovers from the pandemic.
could go further in their support of the economy through the real estate
industry by abolishing or temporarily ceasing stamp duties on residential
property,” said Mr Kelly.
“An abolition or
temporary concession on land tax would also help stimulate an economy in
“These were some
of the recommendations presented to the government after a survey of Real
Estate Institute members."
A healthy property sector has been a crucial support to economic growth over the
past three years.
“For this the
banking industry is to be commended for their continuing support of current
home owners, landlords and tenants. It is hoped the government will also
consider a stimulus to the sector to boost expected low levels of unemployment
and address growth in the Australian economy,” Mr Kelly said.
For more news from REIA, visit their website, or to learn more bout REIWA's advocacy efforts, visit our advocacy page.
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