Tuesday, 18 June 2024

Ministers statements: housing

Tim PALLAS (Werribee – Treasurer, Minister for Industrial Relations, Minister for Economic Growth) (14:26): I am pleased to update the house on the stellar success of the Victorian Homebuyer Fund. Those opposite of course are more focused on court cases or other distractions, but the Victorian Homebuyer Fund is delivering for Victorians in very tangible ways, getting Victorians who otherwise would not be able to into a home of their own. For example, it is the Allan Labor government shared equity scheme – a nation leader and an innovative policy – that is making it easier for Victorians to enter home ownership. This scheme operates such that if you have a 5 per cent deposit the VHF will contribute up to 25 per cent of the purchase price in exchange for the state taking an equivalent equity share in the property. This nation-leading reform has got thousands of young Victorians into home ownership by reducing their mortgage and removing the need for costly lenders mortgage insurance.

Just this week the number of Victorian households who have bought a home thanks to the VHF reached 10,000, with more than $2.1 billion invested by the Victorian government into the wellbeing and home ownership of Victorians who would otherwise struggle. This is 10,000 households now who would likely otherwise have not been able to enter the market who are now in their very own homes. If imitation is the sincerest form of flattery, then I am flattered that this scheme is now being copied by the federal government and being gifted to the nation. We stand ready to work in cooperation with federal Labor as they roll out our scheme to the nation. This is of course in addition to other supports for first home buyers that this government has put in place, including of course first home buyer stamp duty relief.