Thousands of aspiring homebuyers could be one step closer to the house of their dreams as the federal government attempts to push its scheme through the parliament.
Labor’s ‘Help to Buy’ program will go to a vote in the House of Representatives on Tuesday.
Under the shared equity scheme, the Commonwealth would contribute 40 per cent of the value of a home for a new property, or 30 per cent for an existing one, allowing first homebuyers to enter the market with as little as a two per cent deposit.
However, the passage of the scheme remains uncertain, with the Greens opposing it and arguing it would drive up housing prices.
“The housing crisis is breaking people,” Greens Leader Adam Bandt told the ABC on Wednesday.
“You’ve got renters who are skipping meals to scrape together a deposit for a first home, only to find that house prices have gone up so much that by the time they save, their money is not enough.
“You’ve got first home buyers, turning up to auctions and getting outbid by wealthy property investors who are getting massive subsidies.”
The minor party is instead calling for changes to property tax breaks like negative gearing and the capital gains discount – which it says would address some of the causes of the housing crisis
But Prime Minister Anthony Albanese has rejected this, noting the Greens have previously supported similar policies.
“The Greens went to the last federal election saying they would support and implement … a shared equity scheme,” he told ABC.
“This is good policy, this is about helping people into home ownership.”
Source Agencies
