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House of Assembly - Fifty-Fifth Parliament, First Session (55-1)
2025-11-11 Daily Xml
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Help to Buy (Commonwealth Powers) Bill

Second Reading

Adjourned debate on second reading.

(Continued from 29 October 2025.)

Mr DIGHTON (Black) (19:40): I rise to speak on the Help to Buy legislation. I want to provide a brief discussion about the bill and then talk a little bit about some of the reasons why these sorts of schemes are really important. In late 2024, the federal government passed legislation providing for the commonwealth's Help to Buy assistance scheme. Under the scheme, the commonwealth will provide eligible applicants shared equity contribution up to 30 per cent of the purchase price for an existing home or 40 per cent for a new home.

The Help to Buy scheme is scheduled to commence during 2025-26 and is expected to operate for four years. It will be administered by Housing Australia on behalf of the commonwealth. A total of 40,000 Help to Buy places over four years will be available nationally, with each participating jurisdiction entitled to at least its population's share of available places, which means in South Australia 2,700 places will be allocated to applicants. The legislation adopts the commonwealth's Help to Buy Act, which is a prerequisite for a state wanting to be involved.

The bill adopts specified provisions of the commonwealth Help to Buy Act and refers matters relating to the operation of Help to Buy to the commonwealth parliament, pursuant to the constitution. The bill includes a safeguard allowing the state to terminate this referral at any time. It also includes amendments to relevant tax and homebuyer assistance schemes to ensure that Help to Buy participants are treated the same as other homebuyers when determining their liability for applicable state taxes and that they can access the same state-based support, such as the first-home buyer grant.

The participation in Help to Buy would not preclude South Australia from implementing other state-based assistance schemes in the future or its existing HomeStart support scheme, so it will operate alongside HomeStart. I want to talk a bit about HomeStart. Since its inception, it has helped over 83,000 South Australians into home ownership. It targets those who might not necessarily qualify for traditional loans, including single-income households and younger buyers. The program is especially relevant given our current very tight housing market, low rental vacancy rates and rising property prices.

In 2023-24, 19,000 loans to first-home buyers were issued, and almost two-thirds of the customers were first-home buyers. Actually, just this week, I spoke to a constituent, a Hallett Cove resident, who was using the HomeStart scheme to purchase his first house. He spoke about how it was his only way to get into the housing market. He talked about the significant challenges that he faces, being 25 and trying to buy his first house.

We know that housing affordability is a major challenge. Property prices have risen much faster than wages, making saving for a deposit much harder. Traditional lending requirements, such as mortgage insurance and banks often requiring 20 per cent deposits, are also an impediment to people entering the housing market. Of course, we know that renters are struggling to pay their rent and to actually be able to rent houses. So we have high rents and low vacancy rates, which also makes saving for a deposit really impossible.

That is why schemes like HomeStart and the commonwealth's Help to Buy provide solutions: low-deposit options, no mortgage insurance and shared equity models to reduce mortgage size and repayments. These schemes target people who are often excluded from traditional finance, such as single-income households, young buyers and low to moderate earners.

It supports individuals with financial security and home ownership. It stimulates construction and jobs, reduces long-term inequality and supports community stability. These programs, such as HomeStart, such as this scheme, are going to bridge the gap between rising household costs and stagnant wages and give Australians a fair chance at owning a home. I commend the bill to the house.

Mr TELFER (Flinders) (19:45): I rise on behalf of the opposition to indicate our support for this bill. This is fairly straightforward, basic, enabling legislation to ensure that, by my understanding, there is not the capacity for cross-jurisdiction incentive programs to be double-dipped by those who are opting in. I understand that there is only one other state government that has not yet agreed to this. All others have. I indicate the opposition's support for what is seemingly pretty straightforward enabling infrastructure.

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Energy and Mining) (19:45): I thank the members for their contributions. This is an enabling piece of legislation to allow the commonwealth government to deliver its program of improving the housing crisis, and I commend the bill to the house.

Bill read a second time.

Third Reading

The Hon. A. KOUTSANTONIS (West Torrens—Treasurer, Minister for Energy and Mining) (19:47): I move:

That this bill be now read a third time.

Bill read a third time and passed.

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