New legislation known as the Help To Buy Bill 2023 was passed in the House of Representatives on the 28th February 2024.
In a statement released by the Minister for Housing, The Hon Julie Collins MP said the Help to Buy Bill will bring home ownership back into reach for 40,000 Australian households.
Under this new legislation designed to help address the housing crisis, the government will provide financial support to low to middle income earners with an equity contribution of up to 40 per cent for new home builds and 30 per cent for existing homes. This scheme is part of the federal Labor Government’s broader housing reform package working to help home buyers and tenants across Australia with affordable housing.
The national housing reform package has a nationwide target of creating 1.2 million new homes by 2029, with the Victorian government planning to build 800,000 new homes across Victoria by 2034.
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By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.