ANTHONY ALBANESE’S PLAN TO UNLOCK 100,000 PROPERTIES AND SMALLER DEPOSITS FOR FIRST-HOME BUYERS

* A re-elected Labor government would spend $10 billion on up to 100,000 properties for first-home buyers to help ease the housing crisis

* States and territories and industry partners would be enlisted to identify suitable projects, including the use of vacant or under-utilised government land

* Each state and territory would be able to fast-track land release, upzoning and planning approvals so construction could begin in 2026-27, with buyers moving in from 2027-28

* The $10 billion would provide $2 billion in grants and $8 billion in zero-interest loans or equity investments primarily to states and territories

* States and territories would have to match the $2 billion grants

* Labor would expand the existing help-to-buy scheme to enable first-time buyers to secure a property with a five per cent deposit and avoid Lenders Mortgage Insurance, which can cost an average of $23,000

* A federal Labor government would guarantee 15 per cent of the property’s value

* Property price limits would be increased to average house prices in each city and region

* Sydney’s current property price limit of $900,000 would be increased to $1.5 million and Brisbane’s would rise from $700,000 to $1 million

* Victoria’s capital or regional centres could increase from $800,000 to $950,000, Perth from $600,000 to $850,000, Adelaide from $600,000 to $900,000, Hobart from $600,000 to $700,000

* The Northern Territory would stay at $600,000, while the ACT would rise from $750,000 to $1 million

* A Sydneysider could buy a first apartment costing $1 million with a $50,000 deposit and a Queenslander would spend $42,500 on a deposit for a $850,000 home

* The change would come into effect from January 1, 2026

Savannah Meacham
(Australian Associated Press)