Property Council Chief Executive Mike Zorbas said the Help to Buy scheme is another option to help those struggling to get on the property ladder.
“We need to ensure that home loans are not just for the wealthy, and that we are giving first homebuyers a realistic chance at accessing credit for housing,” Mr Zorbas said.
“Removing blockers to home ownership is important and one of the biggest challenges, alongside access to finance, is saving up for a home deposit.
“Schemes like this must be targeted directly to those who need them most, and this initiative will hopefully help 40,000 low- and middle-income Australians into home ownership.
“The next step, the most important step in making housing more affordable, is boosting the supply of new homes across Australia.
“Unlocking state planning systems and setting taxation levels to create more at-market, more affordable housing, more rentals, more retirement villages and more student accommodation must be a national effort.
“That is where the government’s welcome 1.2 million home target, highlighting which states and territories are doing their fair share of new home building, is so important.
“We look forward to continuing to work with the Federal Parliament on measures to boost housing supply and affordability, including vital build-to-rent communities,” he said.
