<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The federal government has pledged to give every </span><a href="https://www.9news.com.au/housing" rel="" target="_blank" title="single first homebuyer"><span>single first homebuyer</span></a><span> in Australia the chance to afford a house with just a five per cent deposit.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In a plan to tackle the housing crisis, </span><a href="https://www.9news.com.au/labor" rel="" target="_blank" title="Labor"><span>Labor</span></a><span> has vowed to cut out Lenders Mortgage Insurance (LMI) for first-time buyers and expand an income and price-capped program to make smaller deposits a universal option.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The proposed plan would raise the price cap for properties eligible under this existing scheme to include higher-priced homes in places like Sydney and Melbourne and will scrap the income test.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://9now.nine.com.au/a-current-affair/developer-pulls-the-pin-on-gold-coast-apartment-build-after-buyers-invest-thousands/439a4800-3f7e-4913-94cc-3573a0005b58" rel="" target="_blank" title="Single mum left $30k out of pocket after developer pulls the pin"><strong><span>Single mum left $30k out of pocket after developer pulls the pin</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>In Sydney, the property price limit would be raised from $900,000 to $1.5 million and in Melbourne, the limit changes from $800,000 to $950,000.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>If re-elected, PM Anthony Albanese said it would allow a Sydneysider to buy a $1 million apartment with a $50,000 deposit or a Queenslander to buy a $850,000 property with just $42,000.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The government expects this will save Australians an average of $23,000 on Lenders Mortgage Insurance and cuts the time needed to save for a deposit.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/federal-election-2025-labor-government-promises-ten-billion-dollar-package-five-per-cent-deposits-first-homebuyers/c18c8817-5660-4134-b16c-7700e25c738f" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The federal government also said it will invest $10 billion into building 100,000 homes reserved for first homebuyers to address the housing shortage.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/westfield-bondi-junction-attack-first-anniversary-stabbing-survivor-muhammad-taha-speaks-out/19b9ea62-8eca-4ff3-b586-fc0edda1fee6"><strong><span>Bondi Junction stabbing survivor living with 'mental trauma' one year on</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/federal-election-2025-jacinta-price-denies-make-australia-great-again-remark-peter-dutton-deflects-questions/0da92bf4-993c-46ce-8385-ef02efba52f4" target="_blank" title=""><strong><span>Jacinta Price denies 'Make Australia Great Again' remark, Peter Dutton deflects</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>This package will include $2 billion in grants and $8 billion in zero-interest loans or equity investments.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"I want to help young people and first home buyers achieve the dream of home ownership," Albanese said today.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"When a young person saves a 5 per cent deposit, my government will guarantee the rest with their bank."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>If re-elected, these changes would be put in place from January 1, 2026.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Minister for Housing Clare O'Neil said this plan will ensure young Australians are no longer "bearing the brunt of the housing crisis".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We want to help young Australians pay off their own mortgage, not someone else's," O'Neil said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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