With the dust now settled on the outcome of last month’s federal election, we can begin to look at what a re-elected Albanese government means for property buyers and investors.
Help to Buy
One of Labor’s ‘big ticket’ items, aimed at helping first-time buyers into the property market, is the ‘Help to Buy’ scheme, expected to launch in late 2025.
Under the scheme, purchasers with as little as 2% deposit can become co-buyers of their property, with the Government contributing up to 30% for existing homes and 40% for new homes.
Guaranteed 5% deposit scheme expanded
From 2026, the Home Guarantee scheme will be expanded to cover all first-time buyers with no income limits on participants and an increased cap on eligible house prices.
In effect, eligible buyers can get a loan with as little as 5% deposit without paying Lenders Mortgage Insurance.
Investors
Despite being a hot election topic, the Government has said it won’t change capital gains tax or negative gearing arrangements. Tax incentives for build-to-rent developments are also expected to remain in place.
More houses
To address the current shortage of dwellings nationwide, Labor has committed to building 1.2 million homes by 2029. However, current trends show the Government is falling short of its target by over 250,000 homes.
All eyes will be on how the Government intends to address this shortfall over the coming months and years.
Now’s a great time to get your foot on the property ladder. Discover how with Bravo Homes: talk with us today!