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GameChanger – if you can afford your rent, you can afford a mortgage

A Rebecca White Labor Government will bring back hope for Tasmanian renters who were watching their home ownership dreams slip away before their eyes.


We’ll do this by introducing a new home ownership shared-equity program which enables first home buyers to purchase a house with zero deposit, meaning there are zero barriers to a better future.


Labor Leader Rebecca White said GameChanger was the most significant policy to help first home buyers ever implemented in Tasmania.


“GameChanger is based on the simple idea that if you can afford to pay the rent, you can afford to pay a mortgage,” Ms White said.


“Zero deposit means zero barriers to a better future for Tasmanians under a Labor government.


“Labor will make sure you have a shot at home ownership, and we’ll make sure that having to pay rent each week doesn’t stop you from being able to afford to buy a place of your own.


“GameChanger means a young couple renting today could start looking at open homes next weekend – and be living in their very own home before they know it.


“It means they’ll be paying their own mortgage – not someone else’s, and it will give them a chance to get a foot in the door that has been slammed shut for many after 10 years of the Liberals.


“Under Labor, if you can pay your rent, we’ll help you get a mortgage.

 

“We’ll put up the deposit you need – and you can pay us back when you sell the house or when you’ve saved enough to buy us out.”


Shadow Minister for Housing Ella Haddad said GameChanger would complement Labor’s existing housing initiatives to combat 10 years of Liberal neglect.


“After 10 years of the Liberals, we know the housing crisis is so bad that even people with secure jobs are shut out of the housing market,” Ms Haddad said.


“GameChanger will work in unison with Labor’s comprehensive range of housing policies to build a better future for Tasmanians.


“We’ll press ahead with our plan to build 2,000 new apartments, open up more land for development, and encourage the construction of 1,000 new dedicated rental properties, all while continuing the government’s commitment to building 10,000 new social and government houses by 2032."

 

GameChanger – the details:


  • GameChanger will be open to couples earning up to $200,000, or singles earning up to $150,000, with extra allowances for people with children.

  • The standard arrangement will be for the government to take a 20% share of the property, though higher shares will be considered where need can be demonstrated.

  • The value of eligible properties will be capped at $600,000 for existing houses, and $800,000 for newly constructed homes.

  • There will be no cap on the number of people who can participate, but the scheme will be reviewed after two years, with the possibility of extension.

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