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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