The Albanese Labor Government is taking another step to deliver Help to Buy to bring home ownership back into reach for 40,000 low and middle income families.
Public consultation begins today for the Help to Buy Program Directions, which will help Australians understand how our shared equity program could assist them into home ownership.
The Program Directions, which will sit alongside legislation, contain details of the scheme including eligibility criteria and participant obligations.
Help to Buy will be the first national shared equity scheme of its kind and cut the cost of buying a home by up to 40 per cent.
This will be life changing for thousands of Australians who have been locked out of the security and stability of home ownership.
The Government will support eligible homebuyers with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes.
Help to Buy is one part of our Government’s broad and ambitious housing agenda, backed by more than $25 billion in new housing investments over the next decade.
The Government has already helped more than 110,000 people across Australia into home ownership through the Home Guarantee Scheme, including more than 18,000 through the new Regional First Home Buyer Guarantee.
Since our latest expansion to the Home Guarantee Scheme, we have been helping on average more than 1,000 people a week into a home across the country.
The exposure draft Program Directions and accompanying Explanatory Statement, are available on the Treasury website.
The public consultation will close on 21 May 2024.
Quotes attributable to Minister for Housing, Julie Collins MP:
“Right across the country Help to Buy will be life changing, bringing home ownership back into reach for thousands of Australians, particularly renters.
We have already helped more than 110,000 people into home ownership and Help to Buy will mean even more Australians have this opportunity.
The Liberals and Greens should stop standing in the way of Help to Buy and support it in the Senate.
Our ambitious housing reform agenda is working across the board – more help for homebuyers, more help for renters and more help for Australians needing a safe place for the night.”