Anthony Albanese promises to assist struggling buyers (and not just first-timers) with a shared equity scheme known as the Help to Buy program.
This initiative would mean the government effectively co-purchases a property with an individual buyer, even if they have previously owned a home.
It will not apply to homebuyers, such as investors, who currently own real estate that they lease out.
Eligible buyers could put down a deposit of as little as 2 per cent and get a government contribution of up to 40 per cent towards the purchase.
This scheme would also mean buyers could avoid paying LMI and eligible candidates wouldn’t need to pay rent on the portion of the home held by the government.
Owners under the scheme would have the option of buying the additional portion of the home during the loan period or, when the property is sold, the government would take back its equity and its share of the capital gain.
Australians with a taxable income of up to $90,000 for individuals or up to $120,000 for couples can apply for Help to Buy with 10,000 available each year.
It is claimed that, in some parts of Australia, this will cut the amount people that will have to pay on their mortgage by up to $380,000 over the life of the loan.
This initiative would mean the government effectively co-purchases a property with an individual buyer, even if they have previously owned a home.
It will not apply to homebuyers, such as investors, who currently own real estate that they lease out.
Eligible buyers could put down a deposit of as little as 2 per cent and get a government contribution of up to 40 per cent towards the purchase.
This scheme would also mean buyers could avoid paying LMI and eligible candidates wouldn’t need to pay rent on the portion of the home held by the government.
Owners under the scheme would have the option of buying the additional portion of the home during the loan period or, when the property is sold, the government would take back its equity and its share of the capital gain.
Australians with a taxable income of up to $90,000 for individuals or up to $120,000 for couples can apply for Help to Buy with 10,000 available each year.
It is claimed that, in some parts of Australia, this will cut the amount people that will have to pay on their mortgage by up to $380,000 over the life of the loan.