Help to Buy Scheme important piece of home ownership puzzle for Australian families
National Cabinet’s agreement to progress the Help to Buy Scheme together with participation of all states and territories is seen by UDIA National as an important piece of the home ownership puzzle for struggling Australian families.
In making the announcement, Prime Minister Albanese said the agreement means all states and territories will progress legislation to enact the Scheme to support 40,000 low and middle income families into a home of their own. Government will provide an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes.
“This is a great initiative that ensures home ownership is accessible to all parts of Australian society and it is encouraging to see the Australian leadership making it happen,” said Max Shifman, President UDIA National.
Australia has significant housing affordability issues stemming from lack of supply, reduced capacity and declining rental investment, but that does not mean Australian families, including those who need support, should be excluded from home ownership. Government has an obligation to help all Australians into a home.
“This policy reminds everyone of the importance of helping struggling Australian families into homeownership – it is a matter of social equity,” said Mr Shifman.
UDIA looks forward to working across all spheres of Government to make sure the Help to Buy Scheme is implemented effectively.
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