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Preston 10 May,2023(TIE)
The “Help to Buy” scheme promised by the Australian Labor Party, which would have allowed low-income earners to purchase homes with a tiny deposit of only 2%, appears to have stalled and not been included in the Budget, despite being a major pledge during the last federal election.
The scheme would have involved the government co-purchasing up to 40% of a new home or up to 30% of an existing dwelling in exchange for a proportional interest in the property.
The Australian Labor Party’s “Help to Buy” scheme remains part of the government’s housing policy agenda, but despite calls from the real estate industry for clarity, no new details were included in the Budget, and the proposed scheme is similar to programs offered at a state-level and a UK scheme that was criticized for not providing good value for money for taxpayers and inflating house prices.
