The suggested strategy involves increasing the price limit for properties that qualify under the current scheme to encompass more luxurious homes in cities such as Sydney and Melbourne, while also eliminating the income assessment requirement.
This package will include $2 billion in grants and $8 billion in zero-interest loans or equity investments.
“I want to help young people and first home buyers achieve the dream of home ownership,” Albanese said today.
“When a young person saves a 5 per cent deposit, my government will guarantee the rest with their bank.”
If re-elected, these changes would be put in place from January 1, 2026.
Minister for Housing Clare O’Neil said this plan will ensure young Australians are no longer “bearing the brunt of the housing crisis”.
“We want to help young Australians pay off their own mortgage, not someone else’s,” O’Neil said.
