A Rebecca White Labor Government will bring back hope for Tasmanian renters who had accepted the fate that they would never own their own home.
Announced yesterday at the campaign launch with Prime Minister Anthony Albanese, Labor’s GameChanger program enables first home buyers to purchase a house with zero deposit.
Tasmania is the first state in the country to champion a shared equity program with zero deposits.
Young Tasmanians like Mark Astley said that the program has meant he can dream of owning his own place again, after a recent surgery bill swallowed his deposit.
“After years of studying and working as a law clerk, I was saving for a deposit when I was hit with a surgery bill that wiped out all my savings,” said Mark.
“I was faced with an impossible situation where I had to choose between a home and healthcare. My hopes of ever owning my own home were dashed.
“When I heard about the GameChanger program, I was thrilled because it will allow me to plan for my future and think about buying my own home again.”
Labor Leader Rebecca White said Labor will give Tasmanians the boost they need to buy their first home.
“After 10 years of the Liberals, we know the housing crisis is so bad that even people with good jobs are shut out of the housing market.
“We want to restore people’s ambitions to own their home because we understand that it has just been too far out of reach for too many.
“GameChanger is the shot in the arm that people have been waiting for, removing barriers to home ownership for Tasmanians.
“Zero deposit means zero barriers to a better future for Tasmanians under a Labor government.”
Shadow Minister for Housing Ella Haddad said 10 years of Liberal neglect has left Tasmania’s rental market in dire straits.
“Average rents have nearly doubled after 10 years of the Liberals, rising more than $200 a week. Relative to income, Tasmania has the least affordable rental market in the country.
“Tasmanians are sick of waiting for a responsible government to act on housing.
“We have a crystal clear plan to build more affordable homes and lower the barriers to entry, so more people can get a foot in the door of their first home.
“This includes 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.