THE HON STEPHEN JONES MP

ASSISTANT TREASURER

MINISTER FOR FINANCIAL SERVICES

MEMBER FOR WHITLAM

THE HON JULIE COLLINS MP

MINISTER FOR HOUSING

MEMBER FOR FRANKLIN

MEDIA RELEASE

Eligible low and middle-income earners and renters seeking to purchase a home in the Illawarra and Southern Highlands will be better off under the Albanese Government’s Help to Buy Scheme.

Labor’s Help to Buy legislation introduced in Parliament this week is a shared equity scheme, which will assist 40,000 Australian households. It will be the first national shared equity scheme of its kind and delivered through Housing Australia.

Key Facts About The Help To Buy Scheme:

• The Government will cut the cost of buying a home by providing up to 40 per cent of the price of a new home and up to 30 per cent for an existing home to those eligible.
• Homebuyers will only require a 2 per cent deposit.
• People will benefit from lower ongoing mortgage repayments through a smaller home loan.
• Eligible participants will be able to access the scheme through participating lenders alongside a standard mortgage.
• Help to Buy will be open to assist people who have owned homes before and those who haven’t.
• States and Territories will need to pass legislation to participate in Help to Buy.

It’s part of the Albanese Government’s commitment to supporting Australians secure affordable housing. Since coming to Government, Labor has now assisted over 86,000 people across Australia into home ownership through the Home Guarantee Scheme. The Government has also recently made the biggest increase to rent assistance in three decades and passed the Housing Australia Future Fund, which will build 30,000 new social and affordable homes.

Quotes attributable to Member for Whitlam Stephen Jones:

“I know how tough it is for people in the Illawarra and Southern Highlands to save up for a house deposit. Help to Buy is all about helping Australians overcome the hurdle of saving for a deposit and servicing a mortgage.

“There are more and more long-term renters and it isn’t just solely young people. Our Government is aware of this, and that’s why we’re committed to supporting them and helping them purchase a home. Through Help to Buy, the Commonwealth will cut the cost of buying a home by up to 40 per cent.”

Quotes attributable to Minister for Housing Julie Collins:

“Right across the country Help to Buy will be life changing, bringing home ownership back into reach for thousands of Australians, particularly renters.  

“It won’t just be a leg up into home ownership with savings from a smaller deposit – it will provide long-term relief to Australians who are part of the Scheme. In fact, Help to Buy could help eligible new homeowners save hundreds every month on their mortgage.  

“Our Government has already helped more than 86,000 people into home ownership, and Help to Buy will mean even more Australians have this opportunity. 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.”