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

Federal Labor has detailed its key housing policy for the election campaign, proposing to help 10,000 households gain access to homeownership by dramatically reducing the price of a property.

Labor presented a new ‘equity participation’ scheme it would adopt in government, essentially buying 30 or 40% of a property with the buyer.

This part of the property would then belong to the government and could be purchased by the owner of the house over time.

Labor estimates it could reduce the cost of a new home by up to $380,000 for some buyers in the most expensive markets and reduce the burden of mortgage repayments.

Labor and the Coalition have faced questions throughout the campaign over how they will tackle housing affordability, and the rising cost of living is expected to be a central theme as Labour’s campaign launches. in Perth today.

Share the cost of a new home

According to Labour, 10,000 places would initially be made 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 limited to first-time home buyers. Instead, it would be available to anyone who doesn’t currently own a property.

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