Labor to match Coalition’s first home loan deposit scheme

Labor will match the Coalition’s first home deposit scheme, calling it a “desperate” attempt to try and relate to battlers.

Shadow Treasurer Chris Bowen says Labor with match the home deposit scheme.

Labor has announced it will match the Coalition’s first home deposit scheme, calling it a “desperate” attempt to try and relate to Australians struggling to get into the market.

The Coalition’s new program, announced at the Liberal Party’s campaign launch today, is aimed at assisting first home buyers by making it easier for them to purchase a property without saving for a full 20 per cent deposit.

The new scheme will also help first home buyers save around $10,000 by not having to pay Lenders Mortgage Insurance

Under the proposal, first homeowners will be able to buy their first home with a deposit of down to 5 per cent.

The Prime Minister said that the government’s National Housing Finance and Investment Corporation would be resourced to guarantee to approved applicants the additional loan amount to cover the difference between the lower deposit and the requirement to pay 20 per cent of the value of the property upfront.

In announcing it would match the scheme today, Labor’s Mr Bowen said: “First home buyers know the Liberals are out of touch and only for the top end of town.

“We back genuine support for first home buyers — that’s why we are also reforming negative gearing for future purchases, so young Australians don’t have to keeping losing out to wealthy property speculators.

“We can afford to deliver a fair go for all Australians and reverse the Liberals’ cuts, because we are closing down loopholes for the top end of town.

“Morrison will keep spending billions of dollars on loopholes for wealthy investors to buy their 6th or 7th house.”