As we head toward the May 3 federal election, housing policy remains front and centre, with both major parties outlining comprehensive — and markedly different — strategies to support first-home buyers, boost supply, and tackle affordability.
Labor’s approach includes:
- A new $10 billion commitment to build 100,000 homes for first-home buyers over eight years.
- Expanding the home guarantee scheme by removing income caps and allowing 5% deposits without LMI.
- Enhancing its shared equity scheme, with the government co-purchasing up to 40% of new homes.
- Increasing property price caps in major cities under this scheme, and investing in prefabricated housing and infrastructure support.
The Coalition, meanwhile, proposes:
- Tax-deductibility of interest payments on the first $650,000 of a mortgage for eligible first-home buyers.
- A lifted income cap and unlimited places under the home guarantee scheme.
- Access to up to $50,000 in super for first-home purchases, with repayment upon sale.
- A 10-year freeze on changes to the National Construction Code and $5 billion toward unlocking housing infrastructure.
Both parties are aligned on a two-year ban on foreign investors and temporary residents buying existing properties, but diverge sharply on long-term supply strategies, including the future of the $10 billion Housing Australia Future Fund — which Labor will use to deliver 40,000 social and affordable homes, and the Coalition plans to abolish.
While the full impact of these proposals remains to be seen, what’s clear is that policy direction in the next term will significantly shape affordability, availability, and accessibility across the housing market.
Stay informed on what these policies could mean for you and your clients — subscribe to our newsletter for regular updates.
