- Cook Government paves way for more housing support with the passage of the Help to Buy (Commonwealth Powers) Bill 2025
- Help to Buy will support almost 2,000 low to middle-income earners into home ownership each year
- Help to Buy is another joint housing initiative with the Albanese Government aimed at increasing affordable home ownership
- Cook Government committed to ensuring every Western Australian has a home
Thousands more Western Australians will now have access to affordable home ownership with the legislation enabling access to the Commonwealth Government's Help to Buyschemepassing through the WA Parliament.
Help to Buy will assist eligible low to middle-income earners to purchase a home with a contribution from the Commonwealth Government of up to 40 per cent of the purchase price for new homes and 30 per cent for existing homes.
The scheme will be available to individuals earning an annual income of up to $100,000 and for couples with a combined income of $160,000. Eligible participants will be able to 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 initiative will improve affordability by reducing both the upfront cost and ongoing mortgage repayments.
Help to Buy will complement existing Cook Government initiatives to improve housing affordability, including Keystart's new $210 million Urban Connect Shared Equity product.
Urban Connect Shared Equity will improve affordability and support investment in multi-residential developments, with the State Government purchasing an equity share of up to 35 per cent of the home's value, or a maximum of $250,000, and a deposit of just 2 per cent required.
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.
For further information on Help to Buy, please go to: https://firsthomebuyers.gov.au/australian-government-help-buy-scheme
For further information on Keystart loan products, please go to: https://www.keystart.com.au/
As stated by Treasurer Rita Saffioti:
"We're working collaboratively with the Albanese Labor Government to make housing more affordable for thousands of Western Australians.
"The Help to Buy scheme will complement the raft of initiatives our government is rolling out through Keystart including the Urban Connect Shared Equity product, Skilled Start Home Loans for graduates and apprentices, and low deposit loans for modular homes.
"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 when it comes to the delivery of new housing."
As stated by Housing and Works Minister John Carey:
"Our government is investing a record $5.8 billion in housing and homelessness measures, including the expansion of Keystart to support more Western Australians into their first home.
The passage of this Bill adds to the vast range of ways we are working to address pressures in the rental and housing markets.
"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."
