The Albanese Labor government has commenced public consultations for the new Help to Buy Program Directions, aiming to make homeownership more accessible for 40,000 low- and middle-income families.
Help to Buy, the first national shared equity scheme of its kind, aims to reduce home buying costs by up to 40%. This initiative is designed to explain how the shared equity program could assist Australians in achieving homeownership.
The Program Directions, which complement the legislative framework, outline the eligibility criteria and participant obligations for prospective homebuyers.
Under the scheme, the government will provide an equity contribution of up to 40% for new homes and 30% for existing homes, aiming to significantly reduce the cost barriers associated with purchasing a property.
“Right across the country, Help to Buy will be life-changing, bringing homeownership back into reach for thousands of Australians, particularly renters,” Minister for Housing Julie Collins (pictured above) said.
The government has already facilitated homeownership for more than 110,000 individuals through various initiatives, including the Home Guarantee Scheme.
Collins also urged opposition parties to support the initiative in the Senate.
“We have already helped more than 110,000 people into homeownership and Help to Buy will mean even more Australians have this opportunity,” she said. “The Liberals and Greens should stop standing in the way of Help to Buy and support it in the Senate.”
Details about the Help to Buy scheme are available in the exposure draft Program Directions and the accompanying Explanatory Statement on the Treasury website. The public consultation process is open until May 21, providing an opportunity for public input before the finalisation of the program.
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