The federal government's Help to Buy shared equity scheme will launch on December 5, fulfilling a Labor election pledge from 2022. The program aims to increase home ownership by allowing eligible buyers to purchase a home with a smaller deposit.
Under the scheme, the government will contribute up to 40% of the purchase price for a new home and up to 30% for an existing home, reducing the buyer's mortgage costs. Participants must have a deposit of at least 2% and meet income and property price caps.
The bill faced delays in parliament due to political disputes over housing policies and was briefly considered a potential trigger for a double dissolution election. Despite these hurdles, the scheme is now set to open for applications next week.
The government expects the program to help thousands of Australians achieve home ownership, particularly those struggling with rising property prices and cost-of-living pressures.
