Video courtesy by ABC News Australia
Prime Minister Anthony Albanese announced Tuesday the immediate removal of all caps on the government’s first home buyer scheme, allowing every Australian purchasing their first property to access mortgages with just 5% deposits backed by government insurance. Housing Minister Clare O’Neil said the policy will reduce the time young Australians need to save for a home deposit from 11 years to two or three years in Sydney, calling it “life-changing stuff” for a generation facing fundamentally different housing market conditions than their parents. Treasury modelling suggests the expanded program will increase property prices by approximately 0.5% over six years, with 185,000 Australians already having used the scheme under its previous capped structure.
Albanese defended the policy against criticism that it would cause first-time buyers to bid against each other, emphasizing the government’s comprehensive approach combining supply increases with demand-side assistance. The prime minister said more than 500,000 additional dwellings have been built under his administration and praised the Inner West Council for approving 30,000 new homes Tuesday night. He sharply criticized the opposition for consistently blocking housing measures, saying they opposed the Housing Australia Future Fund, build-to-rent schemes and the expanded deposit program while failing to appoint a housing minister during their decade in government. The announcement is part of Labor’s $43 billion Homes for Australia program targeting 1.2 million new dwellings.
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