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The Guardian - AU
The Guardian - AU
National
Katharine Murphy Political editor

Labor to help low and middle income earners buy home with shared ownership scheme

Labor Anthony Albanese Help to Buy Perth
Labor leader Anthony Albanese
Anthony Albanese says Labor’s new home ownership scheme would address an affordability crisis by cutting the cost of a mortgage by up to $380,000. Photograph: Lukas Coch/AAP

Anthony Albanese will provide help for Australians on low and middle incomes to buy houses by giving eligible applicants a commonwealth equity contribution of up to 40% of the purchase price of a new home, and up to 30% for an existing home.

The Labor leader will unveil the new $329m housing initiative as the centrepiece of Labor’s official campaign launch in Perth on Sunday. If Albanese wins on 21 May, Labor’s new shared equity housing policy will be implemented in addition to the Morrison government’s First Home Guarantee scheme.

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