Housing affordability is usually discussed as a social or property issue. But increasingly, it’s a business issue too.
For western Sydney businesses, the ability of people to afford to live near where they work has implications for attracting and retaining staff, building a local workforce and keeping household spending within our region.
For many first-home buyers, however, entering the market can feel increasingly difficult. Rising living costs, property prices and the challenge of saving a deposit are genuine barriers.
But the door isn’t necessarily closed.
The Australian Government’s five per cent Deposit Scheme allows eligible first-home buyers to purchase with a deposit as low as five per cent without paying Lenders Mortgage Insurance. Eligible single parents and legal guardians may be able to purchase with as little as two per cent.
Help to Buy provides another pathway, with eligible buyers able to enter the market with a minimum two per cent deposit and the Australian Government contributing up to 30 per cent of an existing home or 40 per cent of a new home.
NSW also provides transfer-duty assistance for eligible first-home buyers, including exemptions and concessions.
These programs don’t make housing affordable for everyone, nor do they remove the need to borrow responsibly. Repayments, interest rates, insurance, council rates and ongoing costs still matter.
But helping more people understand the pathways available to them has benefits beyond home ownership.
When people can establish themselves locally, they can build careers here, raise families here and participate in the local economy.
Creating a place where people can both work and afford to live isn’t simply a housing aspiration. It’s part of building a strong and sustainable local economy.