Labor knows that it’s harder to buy a home today than ever before.
It’s a common story – parents wondering if their kids will ever achieve the great Australian dream of owning their home. First home buyers priced out of capital cities and regional centres where house prices have shot through the roof. Single parents who can’t get into the market.
There is no silver bullet to fix this problem, but a government that actually plans for the future can help Australians realise their dream.
An Albanese Labor Government will help more people get into the housing market sooner by cutting the cost of buying a home by up to 40 per cent.
This will mean a smaller deposit, a smaller mortgage and smaller mortgage repayments. In some parts of Australia this will cut the cost of a mortgage by up to $380,000.
Help to Buy will be open to 10,000 Australians each financial year. Eligible home buyers will need a minimum deposit of 2 per cent, with an equity contribution from the Federal Government of up to a maximum of 40 per cent of the purchase price of a new home and up to a maximum of 30 per cent of the purchase price for an existing home.
Similar schemes are already successfully operating in several states including Western Australia and Victoria.
This scheme is not just for first homebuyers, it’s for all Australians who need a helping hand.
Further, an Albanese Labor Government will also establish a National Housing Supply and Affordability Council, to ensure the Commonwealth plays a leading role in increasing housing supply and improving affordability.
As Anthony Albanese said: “After nine long years in Government, housing affordability has only got worse under the Liberal-National Government.”
Labor acknowledges that access to safe and secure housing is a basic human right and we believe that housing affordability is one of the biggest issues facing Australians.
Labor will deliver a future where no one is held back and no one is left behind.