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 What Labor's 'Help to Buy' policy means for home buyers
Explainer
It’s the radical $329m policy from Labor that would allow the government to purchase a slice of people’s property, helping more Aussies own a home. But how would the 'Help to Buy' plan work exactly? Here are your questions answered.
Q: Labor’s policy says it will cost $329 million to help up to 40,000 people buy homes over four years. What does that money go to?
A:  Opposition Housing spokesman Jason Clare said: “The $329 million is part admin costs for the scheme and part of the interest that we pay on the money we borrow to invest in the homes.”
Q: Homeowners pay all of the taxes, fees and administration charges, but the government takes up to 40 per cent equity. Is that fair?
A: The policy is based on other state schemes.In WA and Victoria, the homeowner doesn’t pay rent on the 30 per cent of the home the government owns. Labor will apply the same approach.
Q: If someone renovates their house and that increases the value of their home, when they then sell it, does the value of the government’s stake increase? How is that calculated?
A: No. Any renovations only benefit the homeowners’ stake. There will be an independent valuation to make sure when the property is sold, you get the full benefit of any investment made.
Q: Can someone pass the home on to their children to live in when they die?
A: Only if the beneficiaries meet the eligibility criteria.If they don't, the property gets sold and the government gets its proportion of the home back. The beneficiary of the will gets their proportion of the home paid out.
Q: If someone needs to move interstate after taking a new job, can they rent the property out?
A: Only in exceptional circumstances, which will be assessed on a case-by-case basis. Mr Clare said a commonsense approach would be used in deciding exemptions.
Q: If a home is not insured and it gets damaged, would the government be on the hook for repairs?
A: Like it is with similar schemes in the states, all homes must be insured against damage and destruction.
Q: Does the Commonwealth have to pay land tax?
A: No, it does not.
Words: James O'Doherty and Clare Armstrong Producer: Andrew Piva
																											

Original URL: https://www.dailytelegraph.com.au/web-stories/free/the-coffs-coast-advocate/help-to-buy-find-out-more-about-labor-policy