Australia’s newest prime minster Anthony Albanese made no secret during his election campaign that housing affordability was an issue he would tackle.

He intends to help young first home buyers in the regions get their foot on the property ladder via Labor’s Regional First Home Buyer Support Scheme.

Designed to help 10,000 first home buyers each year in regional Australia buy a home, the scheme will provide a government guarantee of up to 15 per cent for eligible first home buyers.

This means first home buyers with a 5 per cent deposit will not have to pay mortgage insurance, which is a saving of up to $32,000.

Eligible candidates must be a first home buyer, who is an Australian citizen aged over 18, live in the house purchased and have a taxable income of up to $125,000 per year for singles, and $200,000 a year for couples.

More information can be found here: Labor’s Regional First Home Buyer Support Scheme | Policies | Australian Labor Party (alp.org.au)

The Prime Minister has also announced a ‘Help to Buy’ scheme whereby eligible home buyers will be required to have a minimum deposit of 2 per cent, with an equity contribution offer from the Federal Government of up to a maximum of 40 per cent of the purchase price of a new home.

An existing home will require a maximum 30 per cent of the purchase price.

Help to Buy is set to help 10,000 Australians each financial year.

For more details visit: Helping More Australians Into Home Ownership | Policies | Australian Labor Party (alp.org.au)

Meanwhile, investment returns from the Housing Australia Future Fund will be assigned to the National Housing Finance and Investment Corporation to fund affordable and social housing projects.

Over the first five years the funds will help create 20,000 social housing properties.

Of this, 4000 will be for women and children escaping domestic or family violence circumstances, and older females at the risk of having nowhere to live.

Front line workers such as police and nurses will be catered for with 10,000 homes to enable them, to live closer to their place of work.

Visit Safer and More Affordable Housing | Policies | Australian Labor Party (alp.org.au) for more details.

To find out more about the new Federal Government housing polices in your state or territory, contact your Raine & Horne sales agent.