A re-elected Labor Government will expand access to 5% deposits to all first home buyers – helping Australians in Gilmore buy their first home sooner.

Labor has already helped 473 Australians in Gilmore buy their first home with lower deposits through our expanded Home Guarantee Scheme.

We want more Australians to buy a home of their own sooner – with lower deposits.

Labor will enable every Australian to buy their first home with a 5% deposit. There will be higher property price thresholds and no caps on places or income, in a major expansion of the existing scheme.

The Albanese Government will guarantee a portion of a first home buyer’s home loan, so they can buy a home with a 5% deposit and not pay Lenders Mortgage Insurance.

For the average first home buyer, this will cut the time to save for a deposit and save $23,000 on Lenders Mortgage Insurance.

If re-elected, we will also build up to 100,000 homes for sale only to first home buyers, without competition from property investors, building on proven models like the one operating in South Australia.

Only Labor has a plan to build Australia’s future.

“Labor is tackling the housing crisis by making it easier for first home buyers to buy a home of their own.”

“Labor will expand access to 5% deposits to all first home buyers – cutting years off the time it takes to save for a deposit and saving the average first home buyer $23,000 on Lenders Mortgage Insurance.”

“Labor has helped more than 473 people in Gilmore into their first home with a lower deposit.

“With Labor’s announcement, even more people will now be able to get into a home of their own.”