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In the Sunshine State, Labor’s shared equity home buying scheme is ready to take flight – as soon as the federal government makes it official.
But on a national level, legislation for the scheme is currently stalled before the Senate, with the Greens demanding changes to the country’s property investor taxes in return for support of the equity program.
Queensland is evidently hopeful that the Prime Minister alongside federal Housing Minister Julie Collins can overcome those hurdles, as it has become the first state to create the requisite legal framework for the scheme to be implemented in the state.
Once in action, Help to Buy will offer eligible home buyers the chance to purchase a home, with the assistance of a 40 per cent equity stake from the government for new homes and 30 per cent for existing homes.
The number of approved applicants will be limited to 40,000 over four years, with caps in place for the price of the home in question and the maximum salary that an applicant is allowed to make.
Part of the federal government’s Homes for Australia plan, the shared equity scheme relies on not only all states and territories amending their laws to allow the scheme to operate, but the legal framework must be instituted on a federal level as well.
With Queensland paving the way for its implementation, Collins took the opportunity to express her frustration at the hold up in the Senate.
“Across Queensland Help to Buy will be life changing, bringing home ownership back into reach for thousands of Queenslanders, particularly renters.
“We have already helped more than 30,000 Queenslanders into home ownership, and Help to Buy will deliver even more assistance for home buyers. This is why the Senate should back our legislation to deliver Help to Buy,” Collins said.
She stressed the importance of delivering a range of housing options for Australians who are grappling with severe supply shortages across the country.
“Help to Buy is one part of our $32 billion Homes for Australia plan which is delivering more help for home buyers, more help for renters and more help for Australians needing a safe place for the night.”
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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