An estimated 3,000 eligible home buyers across NSW will soon be able to participate in the Australian Government\u2019s Help to Buy program each year, after the NSW Parliament passed enabling legislation.<\/p>\n\n\n\n
Help to Buy will assist eligible low to middle income earners to purchase a home with a contribution from the Australian Government of up to 40 per cent of the purchase price for new homes and 30 per cent for existing homes.<\/p>\n\n\n\n
Help to Buy will help to bring the dream of owning a home within reach for thousands of people earning an annual income of $100,000 or less for individuals, or up to $160,000 for couples and single parents.<\/p>\n\n\n\n
Eligible NSW Help to Buy participants will be able to purchase property for up to $1.3 million in Sydney and regional centres and up to $800,000 in the rest of the state, with a requirement that the home is the principal place of residence.<\/p>\n\n\n\n
10,000 places a year will be allocated across the country, with about one-third available to buyers in NSW.<\/p>\n\n\n\n
Help to Buy can shrink the deposit required to buy a home to a minimum of two per cent and avoids the cost of Lenders Mortgage Insurance.<\/p>\n\n\n\n
The program will be funded by the Australian Government and administered by Housing Australia and is expected to commence later in 2025.<\/p>\n\n\n\n
The Help to Buy program will provide another lever as the Minns Labor Government works to build a better NSW.<\/p>\n\n\n\n
That includes the biggest housing reforms in a generation, including transformational rezoning across Sydney and speeding up the delivery of new homes through the TOD program.<\/p>\n\n\n\n
Together, we are providing a greater choice of homes, so young people, families and workers have a place to live in the communities they choose.<\/p>\n\n\n\n
Treasurer Daniel Mookhey said:<\/strong><\/p>\n\n\n\n \u201cWe want to give more people more pathways to get into their own home and this program will help thousands in NSW do just that.<\/p>\n\n\n\n \u201cHelp to Buy can take years off the time it takes to save for a deposit and that\u2019s meaningful relief for families.<\/p>\n\n\n\n \u201cAround a third of the 10,000 places available every year will be right here in NSW.\u201d<\/p>\n\n\n\n Minister for Planning and Public Spaces Paul Scully said:<\/strong><\/p>\n\n\n\n \u201cAs the Minns Government continues to speed up the delivery of homes and tackle our supply challenges, the Help to Buy program will support people to buy those homes.<\/p>\n\n\n\n “In supporting this initiative, the Minns Government is helping to make housing more accessible, more affordable, and more attainable for the people who need it most.\u201d<\/p>\n\n\n\n Minister for Finance Courtney Houssos said:<\/strong><\/p>\n\n\n\n \u201cThe Minns Labor Government understands the real barriers facing families across NSW when it comes to entering the housing market.<\/p>\n\n\n\n \u201cWe welcome this important initiative from the Albanese Labor Government to support first home buyers.<\/p>\n\n\n\n “The Minns Labor Government inherited a flawed shared equity system from the previous government. The policy settings of the Albanese Government’s scheme have much better prospects for success.”<\/p>\n\n\n\n Minister for Housing and Homelessness, Rose Jackson said:<\/strong><\/p>\n\n\n\n \u201cHelp to Buy is about fairness. It\u2019s about making the dream of owning a home achievable again for thousands of people who\u2019ve been let down by a broken housing system.<\/p>\n\n\n\n \u201cHome ownership has felt completely out of reach for working people. Help to Buy will make it possible for people to own a home of their own, with a smaller deposit and no mortgage insurance.<\/p>\n\n\n\n \u201cAlongside the biggest planning reforms in a generation, our landmark Transport Oriented Development (TOD) program \u2013 which delivers more housing near train stations and public transport \u2013 and the $6.6 billion Building Homes for NSW program, Help to Buy is one more way we\u2019re building a better NSW where everyone has a fair shot at secure, affordable housing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" An estimated 3,000 eligible home buyers across NSW will soon be able to participate in the Australian Government\u2019s Help to Buy program each year, after the NSW Parliament passed enabling legislation. Help to Buy will assist eligible low to middle income earners to purchase a home with a contribution from the Australian Government of up … Continue reading “NSW Ready for Help to Buy”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-32954","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/32954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=32954"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/32954\/revisions"}],"predecessor-version":[{"id":32955,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/32954\/revisions\/32955"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=32954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=32954"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=32954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}