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Thousands of Western Australian home buyers will have access to affordable home ownership via the Help to Buy scheme after the legislation was passed through Parliament this week.
The Western Australian government has passed legislation through State Parliament, enabling thousands of residents to access the Commonwealth’s Help to Buy Scheme.
At launch earlier this month, the scheme was only available in Queensland, Victoria, South Australia, NSW, the ACT and the Northern Territory, with WA now joining the pack.
The program will allow eligible low- to middle-income earners to purchase a home with a federal government contribution of up to 40 per cent of the purchase price for new homes and 30 per cent for existing homes.
The grant will be available to individuals earning an annual income of up to $100,000 and to couples with a combined income of $160,000.
Those eligible for the scheme can purchase property for up to $850,000 in Perth and up to $600,000 in the rest of the state, with only a 2 per cent deposit calculated on the purchase price.
The program will complement pre-existing state initiatives, such as Keystart's new $210 million Urban Connect Shared Equity scheme, Skilled Start Home Loans for graduates and apprentices, and low-deposit loans for modular homes.
The state government said the initiative will boost affordability by reducing both the upfront cost and ongoing mortgage repayments for home buyers.
“WA will continue to work with the Commonwealth on its housing initiatives and Help to Buy is a welcome partnership approach with the Australian government to transition more people into home ownership,” it said.
Treasurer Rita Saffioti said the state government was working collaboratively with the Albanese Labor Government to make housing more affordable for thousands of Western Australians.
"Boosting supply is the other key way of improving affordability and our government is the focus of our additional investment of around $6 billion in a wide range of initiatives to put WA at the front of the national pack,” she said.
Housing and Works Minister John Carey said the passage of this Bill added to other state government measures to address rental and housing market pressures.
"WA is already partnering with the federal government to deliver thousands of social and affordable homes, and this joint initiative demonstrates how we're continuing to work with the Albanese Labor government to increase housing affordability and choice,” he concluded.
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