Scott Morrison speaks in Perth as he heads to election campaigns after taking the lead as preferred prime minister in the latest poll. Watch live.
Prime Minister Scott Morrison speaks to the media in Perth following the announcement of the expansion of his government’s Housing Guarantee Scheme.
The scheme – which was introduced at the end of 2019 – has already helped 60,000 people find housing as house prices across the country continue to soar.
The government extended the program to 35,000 guarantees per year in March, while introducing the Regional Housing Guarantee.
But Mr Morrison on Monday announced an increase in the cap on the value of eligible properties by $100,000 in capital cities and regional centers and between $50,000 and $150,000 in rural areas.
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The first homeownership program was a key pillar of the Coalition’s 2019 election campaign and aims to ease the pressure associated with getting a mortgage.
Banks now generally require deposits of up to 20%, which has drastically driven young Australians out of the housing market.
The government scheme allows the limited number of beneficiaries to obtain a mortgage with a deposit of two to five per cent, with the Commonwealth guaranteeing the remaining 15 per cent.
After reaching key marginal seats in Tasmania, Victoria and New South Wales last week, Mr Morrison is targeting three electorates around Perth that are under threat from Labour.
It comes as a recent Resolve Strategic poll found the Prime Minister leads Mr Albanese as preferred Prime Minister by 38% to 30.
The Labor leader’s personal approval rating also fell to a net minus nine per cent, down seven points in two weeks.