South-east benefits from home ownership scheme

Federal Bruce MP Julian Hill.

By Emma Xerri

South-east residents can expect to receive more home-buying assistance later this year, with the Help to Buy scheme joining the successful Home Guarantee Scheme.

The Home Guarantee Scheme – made up of the First Home Guarantee, Regional First Home Buyer Guarantee and the Family Home Guarantee – has already helped eligible homebuyers secure finance sooner through government support.

In just Melbourne’s South-East, more than 3905 people have been helped into a home thanks to the scheme – the second most popular region for the scheme in Melbourne.

“I know what it’s like to be raised by a single mum and how important having a roof over your head is,” Federal Member for Bruce, Julian Hill MP said.

“So many local families and young people have been priced out of the housing market.

“There’s no single solution but Labor’s Home Guarantee Scheme is helping. Since May 2022, 3905 more people in South-East Melbourne have been helped into home ownership. The Help to Buy Scheme will help thousands more.”

The government supports eligible homebuyers with an equity contribution of up to 40 per cent for new homes and 30 per cent for existing homes, and homeowners will only need a minimum 2 per cent deposit to participate.  

The scheme also promises to provide lower ongoing repayments, subsequently enabling long‑term relief. 

With all states having agreed to move forward with the legislation, the Help to Buy scheme will run nationally later this year.

“Right across the country Help to Buy will be life changing, bringing home ownership back into reach for thousands of Australians, particularly renters,” Minister for Housing, Julie Collins MP said.

“It won’t just be a leg up into home ownership with savings from a smaller deposit – it will provide long‑term relief to Australians who are part of the scheme.  

“In fact, Help to Buy could help eligible new homeowners save hundreds every month on their mortgage. 

“Our government has already helped more than 86,000 people into home ownership, and Help to Buy will mean even more Australians have this opportunity. 

“Our ambitious housing reform agenda is working across the board – more help for homebuyers, more help for renters and more help for Australians needing a safe place for the night.”