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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.
“Australia is set to commence construction on little more than a million new homes over the next five years, almost 200,000 short of the Australian government’s target,” stated HIA Senior Economist Tom Devitt.
HIA provided a submission into the Help to Buy Bill 2023 and the Help to Buy (Consequential Provisions) Bill 2023, herein referred to as the Help to Buy Bills.
“The upcoming Northern Territory budget presents a key opportunity for the Government to focus attention on measures to support increased housing supply and the delivery of much-needed homes in the Territory,” HIA Executive Director, Luis Espinoza said today.
New fast-tracked process to access land titles earlier for eligible developments.