The Federal Government’s Help to Buy Scheme has been designed to allow eligible home buyers to enter the property market sooner via financial support to households who might otherwise never be able to own their home.
“Help to Buy relieves pressure on an exhausted rental system, providing the opportunity for families to realise their dream of home ownership, while freeing up rental properties for other families,” said Col Dutton, National President of Urban Development Institute of Australia (UDIA).
The Help to Buy scheme is about equity of access to ownership, not supplying houses to everyone. The scheme is aimed at helping key groups of renters into homes and freeing up rental properties for others in the market. The government will provide 40,000 places in the scheme over four years, meaning 10,000 eligible households can take up the offer each year. Any unused places from previous financial years of the program will get rolled onto the following year.
“Home Ownership is a critical piece of the housing puzzle and this initiative ensures that access to ownership is for all Australians and not just those with the funds to go it alone. The real answer is to remove barriers to housing supply while ensuring working Australians have the same opportunity as others to own a home,” said Col Dutton.”
UDIA looks forward to working with Government to make sure housing initiatives continue to deliver access to homes for all Australians.
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Media Enquiries:
Deanna Lane | Director, National Media & Communications | 0416 295 898 | media@udia.com.au