The federal government has promised to offer every first-time homebuyer in Australia the opportunity to purchase a home with just a 5% deposit.
Prime Minister Anthony Albanese has also vowed to eliminate Lenders Mortgage Insurance for first-time buyers as part of efforts to address the housing crisis.
Albanese stated that the price limits for high-priced homes in Sydney and Melbourne would be increased, and income tests would be removed.
Specifically, the property price limit in Sydney will rise from $900,000 to $1.5 million.
The Labor government also plans to increase the property price limit in Melbourne from $800,000 to $950,000.
Albanese announced that, if re-elected, a Sydneysider would be able to buy a $1 million apartment with a $50,000 deposit.
He also stated that a Queenslander could purchase an $850,000 property for just a $42,000 deposit.
Prime Minister Albanese emphasized that the government’s goal is to encourage Australians to save for homeownership.
