Tim Ayres (NSW, Australian Labor Party, Assistant Minister for Trade) Share this | Hansard source

I look forward to the committee stage because there are answers to all of those questions. The Labor government committed to establishing a national shared-equity scheme to help 40,000 low- and middle-income Australian households into homeownership. 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 it will help Australians to overcome the hurdles 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 two per cent deposit and will benefit from lower ongoing mortgage payments 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 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 Australian states have agreed in principle to participate in the scheme. Help to Buy will be open to people who have owned homes before and those who haven't.

It will help couples, siblings and singles alike, including those who are close to retirement, those just starting out in the workforce and anyone eligible in between.

This is a historic commitment by the Albanese government because we understand what buying a house means to Australians. For most, it is the single biggest investment that they will make in their lifetime, but it's about much more than that. It's giving people the certainty of homeownership, an opportunity to live in their community and the chance to create opportunities for their families. Delivery on Help to Buy, alongside the Housing Australia Future Fund, the social housing accelerator payment and the National Housing Accord, will mean more Australians will have a safe and affordable place to call home.

Question agreed to.

Bills read a second time.