Tuesday, 8 March 2022

Victorian Homebuyer Fund

Mr MAAS (Narre Warren South) (19:03): (6247) The matter I wish to raise is for the attention of the Treasurer and concerns the Andrews Labor government’s Victorian Homebuyer Fund. The action that I seek is for the Treasurer to provide more information on how the fund will benefit homebuyers in my electorate of Narre Warren South.

As we know, buying a home is out of reach for so many first home buyers. Just coming up with the normal 20 per cent deposit is a struggle, and anything lower will incur the burden of lenders mortgage insurance. If you take a look at the federal government’s policy settings, what we have happening at the federal government level is actually wage suppression for these first home buyers—wage suppression policy through its industrial relations framework. We have also got policies which see the prioritisation of housing as an investment vehicle rather than for accommodation purposes, and we are also seeing many young Australians starting out with a six-figure education debt in terms of their tertiary education. All of this is going on of course while there is no investment in renewables and the promotion of coal and fossil fuels still carries on.

But I am absolutely thrilled to see that the state government is taking the initiative to set up a homebuyer fund to help reduce the barriers to home ownership. The fund reduces the required deposit for homebuyers to 5 per cent and contributes up to 25 per cent towards the purchase price in exchange for an equivalent share in the property. This fund will assist so many low-income earners and socially disadvantaged people to become home owners for the first time. Home ownership is usually the biggest purchase that anyone will make in their lives. It is an investment that provides shelter and warmth for families and is what many rely on in the future for a sustainable retirement. Like the Grattan Institute, I would like this initiative to be rolled out across Australia as a national scheme, but yet again it comes down to the states doing the heavy lifting. Narre Warren South is a growing community, and owning a home should be an attainable goal, not an unachievable dream. I would appreciate it if the Treasurer could provide an update on how the Victorian Homebuyer Fund will benefit constituents in my electorate of Narre Warren South. I look forward to sharing the minister’s response with my community.