Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Hansard source

I move:

That these bills be now read a second time.

I seek leave to have the second reading speeches incorporated into Hansard.

Leave granted.

The speeches read as follows—

HELP TO BUY BILL 2023

The Labor Government committed to establishing a national shared equity scheme to help 40,000 low and middle income Australian households into home ownership.

Today marks a significant step to delivering that promise.

The Help to Buy scheme will be the first national shared equity scheme of its kind. It will be delivered through Housing Australia and will help Australians to overcome both the hurdle of saving for a deposit and servicing a mortgage.

Through Help to Buy, the Commonwealth will cut the cost of buying a home by up to 40 per cent. Participants will only require a minimum 2 per cent deposit and will benefit from lower ongoing mortgage repayments through a smaller home loan.

Eligible participants will be able to access the scheme through participating lenders alongside a standard mortgage. Housing Australia will then provide the Commonwealth's equity contribution through a loan arrangement secured against the property.

Housing Australia will be funded by a special appropriation to enter into Help to Buy arrangements and will return funds to the Commonwealth when the equity is repaid.

The Minister for Housing will provide written directions to Housing Australia on the operation of the scheme, including decision-making criteria for entering into Help to Buy arrangements.

The Bill also contains provisions enabling states to pass legislation for their constituents to participate in the scheme. All states have agreed-in-principle to participate in the scheme.

Help to Buy will be open to help people who have owned homes before and those who haven't. It will help couples, siblings and singles alike. Those who are close to retirement, those just starting out in the workforce and anyone eligible in between.

This is an historic commitment by the Government because we understand what buying a house means to Australians. For most, it is the single biggest investment they'll make in their lifetimes, but it's about more than that. It's giving people the certainty of home ownership, an opportunity to live in their community and the chance to create opportunities for their families.

Delivering on Help to Buy, alongside the Housing Australia Future Fund, the Social Housing Accelerator Payment and the Housing Accord, will mean more Australians will have a safe and affordable place to call home.

HELP TO BUY (CONSEQUENTIAL PROVISIONS) BILL 2023

This Bill makes consequential amendments to support the establishment of the Help to Buy scheme, to clarify how it interacts with the Housing Australia Act 2018 and to reflect the broader remit of Housing Australia.