Housing Minister Julie Collins says the Help to Buy scheme will be “life-changing” for Australians.
The proposed ‘Help to Buy’ legislation aims to help 10,000 buyers a year to pay smaller deposits and loans to get into the market, and will reach 40,000 across four years.
“Help to Buy will support low and middle income Australians who are struggling to buy their own home save up to 40 per cent on their mortgage,” she said during Question Time on Thursday.
“Eligible participants will only need a two per cent deposit, and the government will support them with an equity stake of up to 40 per cent for new homes and up to 30 per cent for existing homes.
Help to Buy scheme will be ‘life-changing’ for Australians
“This means a lower deposit and lower ongoing repayments for tens of thousands of Australians.”
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