Australian Coat of Arms

Member for Blaxland

Shadow Minister for Regional Services, Territories and Local Government

Shadow Minister for Housing and Homelessness 

Morrison must expand First Home Loan Deposit Scheme

 

Labor has again called on the Morrison Government to expand the First Home Loan Deposit Scheme to help first home buyers build their first home and save the jobs of thousands of tradies.
 
The scheme’s 10,000 places were fully subscribed in five months during the first round and most of the assistance was provided to first home buyers purchasing existing homes.

 The next round of the scheme opens on Wednesday 1 July with 10,000 places for 12 months, not six.
 
Labor is calling on the Morrison Government to expand the scheme by lifting the cap for first home buyers who build new homes.
 
This will assist first home buyers on low and middle incomes build a new home with a deposit of as little as 5 per cent without the requirement to pay for lenders mortgage insurance, and keep tradies building homes instead of building a longer dole queue.
 
Labor called for this on 30 May but it was ignored by the Government in it’s HomeBuilder scheme which has been panned as badly targeted and too small to save a lot of tradie jobs.
 
The Morrison Government has an opportunity to fix this on Wednesday and announce the cap will be lifted for new builds.
 
It’s not just the Labor Party which has called for this. The Housing Industry Association, Master Builders Association and the Urban Development Institute of Australia have all warned the Federal Government that the housing construction industry is about to fall off a cliff and have called for an expansion of the First Home Loan Deposit Scheme.
 
Labor has repeatedly called on the Morrison Government to ensure that their construction support package included:  
1.            Construction of more social housing;
2.            Repair and maintenance of existing social housing;
3.            Construction of more affordable rental accommodation for frontline workers;
4.            Expansion of the First Home Loan Deposit Scheme for new builds; and
5.            Grants to first home buyers who build their first home.
 
The Government needs to pull their head out of the sand, expand this scheme and help save the jobs of thousands of Aussie tradies.
 
MONDAY, 29 JUNE 2020