NEWS THAT MATTERS

Coasties to benefit from Labor's

regional first home buyer scheme

Federal Labor leader Anthony Albanese has promised to help ease the burden of skyrocketing house prices in Australia's regions by creating a standalone regional first home buyers support scheme, if Labor wins the next election.

Anthony Albanese says that a Labor Government will improve the operation of the current home buyer scheme by reviewing and updating the price caps on a six-monthly basis and improving the process of reallocating unused guarantees.

 

"Labor’s Regional First Home Buyer Support Scheme will help 10,000 first home buyers a year in regional Australia to buy a home." He said.

29 March 2022

 

FIRST home buyers on the Central Coast are set to benefit from Labor’s Regional First Home Buyer Support Scheme, as part of our plan to tackle Australia’s housing crisis.

 

This scheme will help 10,000 Australian families in regional areas to buy their first home, every year.

 

This will triple the number of Australians living in regional areas who received support under the current First Home Loan Deposit Scheme last year.

 

Federal Member for Dobell, Emma McBride says this will be a boost for first home buyers on the Coast.

 

“Right now, it is harder to buy than ever before,” she said.

 

“We need to tackle Australia’s housing crisis and Labor’s plan for first home buyers in regional areas will help do this.”

Labor Candidate for Robertson, Dr. Gordon Reid says this scheme will ease the financial pressure on first home buyers.

 

“First home buyers on the Coast are being squeezed out with prices skyrocketing in recent times,” he said.

 

“Labor understands the difficulty people face buying their first home, and our Regional First Home Buyer Scheme will ease some of the burden people are facing.”

 

House prices have jumped by a staggering 31 per cent on the Central Coast in the last 12 months, well above the national average of 21 per cent.

 

In some areas, it’s even higher with the cost of buying a home in Wamberal up by 47.1 per cent while prices in Terrigal jumped by 45.2 per cent.

 

With house prices skyrocketing and wages remaining flat, regional first home buyers need and deserve their own dedicated scheme to help them buy a home.

 

Labor’s Regional First Home Buyer Support Scheme will be reserved for Australians that have lived in their region for more than 12 months.

 

It will help first home buyers get a house sooner with a deposit of just 5 per cent, without the need to pay Lenders Mortgage Insurance.

 

This will help them save up to $32,000.

 

Eligible regions include:

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