Tuesday, 28 November 2023
Questions without Notice
My question is to the Minister for Housing and Homelessness. How will the Albanese Labor government's Help to Buy scheme help Australians get into their own home, and how does it fit into the government's broader housing agenda?
I want to thank the terrific member for Dunkley for that question. I know that she understands that the legislation we'll be bringing to parliament this week will help home buyers in her electorate and, indeed, across the country. Indeed, this will be life-changing for so many Australians. There are people renting at the moment who could certainly service a mortgage but can't get over the 20 per cent deposit hurdle. Help to Buy will help those who are renting or living at home to get over the hurdle of this deposit. This is targeted help for low- and middle-income Australians to get into a home with just a two per cent deposit. The government will support eligible homebuyers with up to a 40 per cent contribution for new homes and up to 30 per cent for existing properties. This will help bring homeownership back into reach for thousands of Australians, particularly for those who are renting.
Importantly, it won't just be a leg-up into homeownership with savings for a smaller deposit. Help to Buy will provide long-term relief to Australians who are part of this scheme. It could help eligible homeowners save hundreds every month on a mortgage.
States will need to pass their own legislation for Help to Buy to operate in their states. The state and territory leaders committed to this at National Cabinet in August and, indeed, just last week housing ministers reaffirmed that they want to get this happening. Help to Buy will provide 10,000 places each year for four years, so we will be supporting into homeownership more than 40,000 Australians who otherwise would not have been able to purchase a home. As I said, this will be life-changing for so many Australians, particularly those on low and middle incomes.
Our housing agenda is broader than that, of course, with our Regional First Home Buyer Guarantee and the Home Guarantee Scheme, which we have, of course, expanded to include siblings and friends, allowing people who have been out of homeownership for more than a decade to get back into homeownership. Indeed, the expanded Home Guarantee Scheme has now helped more than 86,000 people into homeownership since we have been in office. Almost one-third of first home buyers are now entering the market through this scheme. Indeed, our broad housing agenda includes our $10 billion Housing Australia Future Fund.
Order! The minister will pause. Because the member for Deakin is on a warning and he's been interjecting during this answer as well, he will now leave the chamber under standing order 94(a).
Honourable members interjecting—
When the House comes to order, the minister has the call.
The member for Deakin then left the chamber.
The Housing Australia Future Fund, which, of course, those opposite voted against, is the single largest investment in social and affordable housing in more than a decade and will build around 30,000 social and affordable homes over the first five years of the fund. It is just one part of this ambitious housing agenda that we are working on right across the board, whether it be getting people into new homes, supporting people in renting— (Time expired)