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“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.
The Tasmanian Government has confirmed it will not adopt the revised National Construction Code (NCC) 2025, following the Building Ministers’ Meeting held on Wednesday.
HIA has expressed significant concerns with the operation of fidelity funds due to the complexity of the insurance product, lack of adequate protection for consumers and absence of independent APRA regulation.
Commonwealth, State and Territory Building Ministers at the Building Ministers’ Meeting met yesterday to decide on the content and timing of the National Construction Code (NCC) 2025.
“The Housing Industry Association (HIA) welcomes commitments made today by Commonwealth, State and Territory Building Ministers in providing decisive action to pause non-essential building code changes and to reset how the NCC is developed and implemented going forward,” said HIA Managing Director Jocelyn Martin.