Help to Buy Scheme to assist first home buyers into housing

“The Housing Industry Association (HIA) welcomes the introduction of the Help to Buy legislation to support more young Australians access to housing and address the declining rates of home ownership in Australia,” said Jocelyn Martin, HIA Managing Director.

“The Help to Buy Scheme is an important initiative of the Federal Government to enable 40,000 eligible home buyers to obtain and secure a deposit for a new home faster,” added Ms Martin.

“The Scheme intends on supporting eligible home buyers with an equity contribution from the Government of up to 40 per cent for new homes and 30 per cent for existing homes.  Home  buyers will need a minimum 2 per cent deposit to participate in the Scheme.

“While the opportunity to own a home can be challenging, and the type of homes many families aspire to are changing shape, previous research conducted by HIA shows an overwhelming majority of Australians agree that home ownership matters.

“These and other forms of housing incentive programs are critical to boost housing supply and home ownership rates to support first home buyers raising the deposit more quickly and easily.

“We know from previous schemes, such as the first Home Buyer Grant, that grants such as Help to Buy, are effective to getting people into their own home, and new housing supply is stimulated by these schemes.

“HIA has been a strong supporter of assistance for first home buyers, to help get Australians into their first home and achieve their home ownership aspirations,” concluded Ms Martin.