The Albanese Labor government has celebrated a significant legislative victory with the passage of the Help to Buy scheme through the House of Representatives.
The initiative is set to make the dream of homeownership a reality for 40,000 households across Australia, targeting those who have found themselves sidelined in the current housing market.
Under Help to Buy, the government will offer an equity contribution of up to 40% for new homes and 30% for existing homes to eligible buyers. The scheme represents a crucial element of the government’s comprehensive plan to enhance homeownership accessibility for Australians.
“Right across the country, Help to Buy will be life-changing, bringing homeownership back into reach for thousands of Australians, particularly renters,” Julie Collins (pictured above), minister for housing, said in a media release.
Despite some parliamentary opposition, Collins urges the Senate to back this “critical new support,” emphasising the transformative effect it will have on Australians’ lives.
The government’s efforts extend beyond Help to Buy, with more than 100,000 Australians already assisted into homeownership through the Home Guarantee Scheme. This includes more than 15,000 Australians through the newly established Regional First Home Buyer Guarantee.
“The Home Guarantee Scheme has been significantly expanded, making it easier for Australians to buy a home,” Collins said.
The Albanese Labor government’s housing reform agenda includes a myriad of initiatives aimed at addressing the housing crisis.
Among these are the $10 billion Housing Australia Future Fund, a national target to construct 1.2 million well-located homes, and a $2bn Social Housing Accelerator, which promises the delivery of approximately 4,000 new social homes.
The agenda also focuses on improving conditions for renters and combating homelessness, with measures such as a 15% increase in Commonwealth Rent Assistance and a $1.7 billion extension of the National Housing and Homelessness Agreement.
“Our ambitious housing reform agenda is working across the board – more help for home buyers, more help for renters, and more help for Australians needing a safe place for the night,” Collins said.
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