❓ Mr. Norberger questions the Minister for Housing on how the SharedStart program helps WA families own homes. The Minister responds by highlighting the program's success in enabling homeownership for low-income earners, supporting the construction industry, and generating value for the state.
AnsweredQoN 551Legislative Assembly
QuestionView source ↗
SHAREDSTART
PROGRAM
551. Mr J. NORBERGER to the Minister for Housing:
Could the minister please inform the
house how the Liberal–National government's SharedStart program
is making it easier for struggling Western Australian families to own their own
home?
PROGRAM
551. Mr J. NORBERGER to the Minister for Housing:
Could the minister please inform the
house how the Liberal–National government's SharedStart program
is making it easier for struggling Western Australian families to own their own
home?
AnswerView source ↗
I thank the member for Joondalup for
the question. I know he is a strong supporter of the state's affordable
housing program, and indeed affordable houses in Joondalup.
The SharedStart program is a key element of our affordable
housing strategy. It is a very innovative program. It links shared equity with
new housing construction. The objectives of our SharedStart program are that it
creates affordable homeownership for low-income householders, it supports the
local housing industry by financing new housing construction, and it generates
value for the state by equity or shared equity in co-owned properties.
The SPEAKER : Just
hold it, please, minister. Member for West Swan, I call you to order for the
first time. If you want to have a private conversation, I suggest you go
outside.
Mr
W.R. MARMION : The result to date has been very successful. After only 20
months, we now have 825 low to moderate income earners in homeownership. That
is an outstanding effort in just 20 months. I visited a number of new home
owners in the electorate of Victoria Park, and also in Golden Bay. All the
owners I met have been very appreciative of the SharedStart program. How does
the SharedStart program work? Expressions of interest are called for —
Ms
J.M. Freeman interjected.
The
SPEAKER : Member for Mirrabooka, we have still got quite a few questions to
go. If you want to know what their income is, ask a question. I call you to
order for the first time.
Mr
W.R. MARMION : The Department of Housing puts out expressions of interest to
builders or home owners. The department negotiates a discount on the market
value of the property. The department takes the equity in that discount before
it sells the property. There is an income test that people have to qualify for.
It is for low to moderate income earners. The Department of Housing will take
up to 20 to 30 per cent equity in the property. These houses, I must point out,
are built on small blocks of land. They are smaller houses, so they are
affordable; that is, they are cheaper. That is what our contracts demand. By
only taking 70 or 80 per cent equity in the house through Keystart loans,
houses become affordable to people who cannot normally either get a loan
through the banking system or afford 100 per cent of the loan. This is not a
win–win; it is a win–win–win. It is a win for the new
home owner, it is a win for the construction industry and it is a win for the
Department of Housing.
Just to conclude, I will say how we are going forward. We now
have 1 041 building contracts signed to date and another 519 in the pipeline.
These 1 560 new affordable homes will be a significant contributor to our 20 000
homes by 2020.
the question. I know he is a strong supporter of the state's affordable
housing program, and indeed affordable houses in Joondalup.
The SharedStart program is a key element of our affordable
housing strategy. It is a very innovative program. It links shared equity with
new housing construction. The objectives of our SharedStart program are that it
creates affordable homeownership for low-income householders, it supports the
local housing industry by financing new housing construction, and it generates
value for the state by equity or shared equity in co-owned properties.
The SPEAKER : Just
hold it, please, minister. Member for West Swan, I call you to order for the
first time. If you want to have a private conversation, I suggest you go
outside.
Mr
W.R. MARMION : The result to date has been very successful. After only 20
months, we now have 825 low to moderate income earners in homeownership. That
is an outstanding effort in just 20 months. I visited a number of new home
owners in the electorate of Victoria Park, and also in Golden Bay. All the
owners I met have been very appreciative of the SharedStart program. How does
the SharedStart program work? Expressions of interest are called for —
Ms
J.M. Freeman interjected.
The
SPEAKER : Member for Mirrabooka, we have still got quite a few questions to
go. If you want to know what their income is, ask a question. I call you to
order for the first time.
Mr
W.R. MARMION : The Department of Housing puts out expressions of interest to
builders or home owners. The department negotiates a discount on the market
value of the property. The department takes the equity in that discount before
it sells the property. There is an income test that people have to qualify for.
It is for low to moderate income earners. The Department of Housing will take
up to 20 to 30 per cent equity in the property. These houses, I must point out,
are built on small blocks of land. They are smaller houses, so they are
affordable; that is, they are cheaper. That is what our contracts demand. By
only taking 70 or 80 per cent equity in the house through Keystart loans,
houses become affordable to people who cannot normally either get a loan
through the banking system or afford 100 per cent of the loan. This is not a
win–win; it is a win–win–win. It is a win for the new
home owner, it is a win for the construction industry and it is a win for the
Department of Housing.
Just to conclude, I will say how we are going forward. We now
have 1 041 building contracts signed to date and another 519 in the pipeline.
These 1 560 new affordable homes will be a significant contributor to our 20 000
homes by 2020.
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