- Cook Government paves way for more housing
support with the passage of the Help to Buy (Commonwealth Powers) Bill 2025 - Help to Buy will support almost 2,000 low to
middle-income earners into home ownership each year - Help to Buy is another joint housing initiative
with the Albanese Government aimed at increasing affordable home ownership - Cook Government committed to ensuring every
Western Australian has a home
Thousands more Western
Australians will now have access to affordable home ownership with the
legislation enabling access to the Commonwealth Government’s Help to Buyschemepassing through the WA Parliament.
Help to Buy will assist
eligible low to middle-income earners to purchase a home with a contribution
from the Commonwealth Government of up to 40 per cent of the purchase price for
new homes and 30 per cent for existing homes.
The scheme will be
available to individuals earning an annual income of up to $100,000 and for
couples with a combined income of $160,000. Eligible participants will be able
to purchase property for up to $850,000 in Perth and up to $600,000 in the rest
of the State, with only a 2 per cent deposit calculated on the purchase price.
The initiative will
improve affordability by reducing both the upfront cost and ongoing mortgage
repayments.
Help to Buy will
complement existing Cook Government initiatives to improve housing
affordability, including Keystart’s new $210 million Urban Connect Shared
Equity product.
Urban Connect Shared
Equity will improve affordability and support investment in multi-residential
developments, with the State Government purchasing an equity share of up to 35
per cent of the home’s value, or a maximum of $250,000, and a deposit of just 2
per cent required.
WA will continue to work
with the Commonwealth on its housing initiatives and Help to Buy is a welcome
partnership approach with the Australian Government to transition more people
into home ownership.
For further information
on Help to Buy, please go to: https://firsthomebuyers.gov.au/australian-government-help-buy-scheme
For further information
on Keystart loan products, please go to: https://www.keystart.com.au/
Comments attributed to Treasurer Rita Saffioti:
“We’re working collaboratively with the Albanese
Labor Government to make housing more affordable for thousands of Western
Australians.
“The Help to Buy scheme will complement the raft of
initiatives our government is rolling out through Keystart including the Urban
Connect Shared Equity product, Skilled Start Home Loans for graduates and
apprentices, and low deposit loans for modular homes.
“Boosting supply is the other key way of improving
affordability and our government is the focus of our additional investment of
around $6 billion in a wide range of initiatives to put WA at the front of the
national pack when it comes to the delivery of new housing.”
Comments attributed to Housing and Works Minister John Carey:
“Our government is investing a record $5.8 billion
in housing and homelessness measures, including the expansion of Keystart to
support more Western Australians into their first home.
The passage of this Bill adds to the vast range of
ways we are working to address pressures in the rental and housing markets.
“WA is already partnering with the Federal
Government to deliver thousands of social and affordable homes, and this joint
initiative demonstrates how we’re continuing to work with the Albanese Labor
Government to increase housing affordability and choice.”