The Albanese Government is working with states and territories to deliver the Help to Buy Scheme, supporting up to 40,000 low and middle income families to purchase a home of their own.
This will bring home ownership back into reach for thousands of Australians who have been locked out of the housing market.
The Government will provide an equity contribution to eligible participants of up to 40 per cent for new homes and 30 per cent for existing homes.
The Government is committed to providing the opportunity to purchase a home under Help to Buy in all states and territories.
For states to participate, legislation will need to be passed for the scheme to operate in their jurisdiction.
All states have agreed at National Cabinet to progress legislation so the scheme will run nationally.
The Albanese Government has already helped more than 50,000 Australians into home ownership through the Home Guarantee Scheme, including more than 6,000 through the new Regional First Home Buyer Guarantee.
Today’s announcement builds on the significant commitments made by National Cabinet yesterday including:
- A new national target to build 1.2 million well-located new homes over five years, from 1 July 2024;
- The New Homes Bonus, $3 billion of performance-based funding for states and territories who achieve more than their Accord targets and undertake reforms to boost housing supply and improve housing affordability;
- The Housing Support Program, a $500 million competitive funding program for local and state governments to kick-start housing supply; and
- A Better Deal for Renters which includes developing a nationally consistent policy to require genuine reasonable grounds for eviction, moving towards limiting rental increases to once a year and phasing in minimum rental standards.
These commitments are on top of the Albanese Government’s ambitious housing agenda which includes:
- The $10 billion Housing Australia Future Fund, which will help fund 30,000 new social and affordable rental homes in its first five years;
- The new $2 billion Social Housing Accelerator to deliver thousands of new social homes across Australia;
- $350 million to deliver 10,000 affordable homes through the National Housing Accord over five years from 2024;
- Up to $575 million in funding unlocked from the National Housing Infrastructure Facility with homes already under construction across the country;
- Increasing the maximum rate of Commonwealth Rent Assistance by 15 per cent, the largest increase in more than 30 years;
- Additional $2 billion in financing for community housing providers for more social and affordable rental housing through the National Housing Finance and Investment Corporation;
- New incentives to boost the supply of rental housing by changing arrangements for investments in built-to-rent accommodation;
- $1.7 billion one-year extension of the National Housing and Homelessness Agreement with States and Territories, including a $67.5 million boost to homelessness funding over the next year.
Prime Minister Anthony Albanese said:
“Our Government will help 40,000 low and middle income families buy a home.
So often these Australians have done all the right things – worked hard, saved up, made sacrifices, but a deposit for a home is still out of reach.
Our Government will step up and assist, opening the door of home ownership to tens of thousands of Australians.”
Housing Minister Julie Collins said:
“I’m proud that Help to Buy will bring home ownership back into reach for 40,000 Australians.
This is a critical element of our Government’s broad and ambitious housing agenda to help address Australia’s housing challenges.
We’ll keep delivering to ensure more Australians have a safe and affordable place to call home.”