fbpx

The incoming ALP Government’s housing policies

So you don’t have to do, we’ve put together the incoming ALP Government’s housing policies

23 May 2022

It’s now official that the Australian Labor Party, led by Anthony Albanese, will form Australia’s new Federal Government.

Ahead of them getting to work, here are the housing policies announced throughout their election campaign:

Labor will create the $10 billion Housing Australia Future Fund which will build 30,000 new social and affordable housing properties in its first five years. Each year investment returns from the Housing Australia Future Fund will be transferred to the National Housing Finance and Investment Corporation (NHFIC) to pay for social and affordable housing projects.

In its first five years, the Fund will aim to build around 20,000 social housing properties (4000 specifically for women and children escaping domestic and family violence and older women at risk of homelessness), and 10,000 affordable homes for key workers. Additionally, the returns from the Fund will pay for $200 million for the repair, maintenance and improvements of housing in remote Indigenous communities and $30 million to build more housing and fund specialist services for veterans who are experiencing homelessness or at risk of homelessness.

The Help to Buy program will give 10,000 Australians per year the opportunity to share ownership of a home with the Government which will put in up to 40% of the purchase price for a new home, and up to 30% for an existing home. Under Help to Buy, eligible homebuyers would pay a 2% rather than a 5% deposit, and would avoid the need for lenders mortgage insurance.

The Regional First Home Buyer Support Scheme will aim to assist 10,000 first-home buyers a year in regional Australia purchase a home. Labor says those buyers will save up to $32,000 in mortgage insurance and be able to secure a home with a deposit as low as 5 per cent – with the government guaranteeing up to 15 per cent of the purchase price.

The National Housing Finance and Investment Corporation, established in 2018 as a corporate Commonwealth entity built to support housing outcomes nationally, will be renamed Housing Australia.

The ALP will establish a National Housing Supply and Affordability Council, which will be advised by experts from various sectors with the aim to finding the best approaches to increasing housing supply and improving affordability.

The National Housing and Homelessness Plan will be developed in consultation with key stakeholders from across national, state and territory, and local governments and private sectors. It will aim to set key short, medium and longer term reforms needed to increase the supply and affordability of homes to buy and rent and reducing rates of homelessness.