Bill
National Housing Finance and Investment Corporation Amendment Bill 2019
passed, as at 2019-10-18. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2019-09-12
- second reading — 2019-09-12
- second reading — 2019-09-17
- second reading — 2019-09-17
- third reading — 2019-09-17
- introduced — 2019-09-18
- second reading — 2019-09-18
- second reading — 2019-10-14
- second reading — 2019-10-14
- committee — 2019-10-14
- third reading — 2019-10-14
- other — 2019-10-15
- passed — 2019-10-15
- royal assent — 2019-10-18
Divisions
- The majority voted in favour of the main idea of the bill. In parliamentary jargon, they voted to read the bill [for a second time](https://www.peo.gov.au/understand-our-parliament/how-parliament-works/bills-and-laws/making-a-law-in-the-australian-parliament/). Because this vote was successful, they'll now discuss the bill in more detail. ### What is the bill's main idea? According to the [bill's homepage](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r6402), the bill was introduced to: * *establish the First Home Loan Deposit Scheme which will enable the National Housing Finance and Investment Corporation (NHFIC) to provide a limited guarantee to allow first home buyers to purchase a home with a minimum deposit of 5 per cent of the property purchase price; and* * *enable the NHFIC to undertake research into housing affordability in Australia, including housing supply and demand.* This bill addresses the issue of [housing affordability](https://theyvoteforyou.org.au/policies/117), though there was some debate in the Senate about whether it would assist Australians struggling to buy there own homes or whether it would simply add to the problem by inducing more demand and adding to the re-inflation of Australia's property market. Read [the debate](https://www.openaustralia.org.au/senate/?id=2019-10-14.17.2) to draw your own conclusions. — 2019-10-14, Senate: affirmative, ayes 40, noes 8
- The majority voted in favour of passing the bill in the Senate. In parliamentary jargon, they voted to read the bill [for a third time](https://www.peo.gov.au/understand-our-parliament/how-parliament-works/bills-and-laws/making-a-law-in-the-australian-parliament/). Because the Senate agreed to an amendment to the bill, the bill will now be sent back to the House of Representatives so they can decide whether they agree with the change. If they do, the bill will become law. ### What is the bill's main idea? According to the [bill's homepage](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r6402), the bill was introduced to: * *establish the First Home Loan Deposit Scheme which will enable the National Housing Finance and Investment Corporation (NHFIC) to provide a limited guarantee to allow first home buyers to purchase a home with a minimum deposit of 5 per cent of the property purchase price; and* * *enable the NHFIC to undertake research into housing affordability in Australia, including housing supply and demand.* This bill addresses the issue of [housing affordability](https://theyvoteforyou.org.au/policies/117), though there was some debate in the Senate about whether it would assist Australians struggling to buy there own homes or whether it would simply add to the problem by inducing more demand and adding to the re-inflation of Australia's property market. Read [the debate](https://www.openaustralia.org.au/senate/?id=2019-10-14.17.2) to draw your own conclusions. — 2019-10-14, Senate: affirmative, ayes 34, noes 9
Plain-language summary
No machine-written summary in this export.
Sources
em
billhome
frl act