Labor announces ‘shared equity’ scheme for homebuyers ahead of federal election

Federal Labor detailed its key housing policy for the election campaign, offering to help 10,000 families purchase a home, dramatically reducing the price of a property.

Labor outlined a new “shared equity” scheme it would approve in government, essentially buying 30 or 40 percent of a property with the buyer.

That portion of the property would then be owned by the government and could be purchased by the homeowner over time.

Labor estimates it could reduce the cost of a new home by as much as $380,000 for some buyers in more expensive markets and reduce the burden of mortgage payments.

Both Labor and the Coalition faced questions throughout the campaign about how they will address housing affordability, and the rising cost of living is expected to be a central theme at the Labor Party’s Perth campaign launch today.

Sharing the cost of a new home

According to Labor, 10,000 slots would initially be available under the scheme, which would be open to people earning less than $90,000 as an individual or $120,000 as a couple.

The scheme would not be restricted to first-time homebuyers. Instead, it would be available to anyone who does not currently own a property.

Leave a Comment