‘Something to look forward to, something to work towards’.
That’s how Gemma, a student from Canberra, described the Albanese Labor government’s Help to Buy shared equity program.
Like so many young people across Australia, she’s facing challenges when it comes to home ownership.
And like tens of thousands of people across the country, she could be helped by this life changing assistance.
Help to Buy will support low‑ and middle‑income Australians who are struggling to buy their own home save up to 40 per cent on their mortgage.
Eligible participants will only need a 2 per cent deposit, and the government will support them with an equity stake of up to 40 per cent for new homes and up to 30 per cent for existing homes.
This means a lower deposit and lower ongoing repayments for tens of thousands of Australians.
Help to Buy will be the first national shared equity scheme of its kind, and will be life changing for thousands of Australians who have been locked out of the security and stability of home ownership.
It’s already got the tick of approval from the experts, who say it will level the playing field when it comes to buying a home.
It will also help add to supply with a higher level of assistance offered to people wanting to build or buy a new home.
We know we need to build more homes – we have less homes than the OECD average and this has been the case for too long.
That’s why supply is a key part of our broad and ambitious housing agenda, backed up by more than $25 billion in new housing investments over the next decade.
More homes mean more options for everyone – whether they’re buying, renting or needing a safe space for the night.
That’s why is so important that the Liberals and the Greens stop blocking Help to Buy.
We know it will boost supply and give tens of thousands of Australians a leg up into home ownership.
As Gemma puts it, ‘Help to Buy would completely reorient my life’.