The commitment builds on the Albanese Government’s existing $33 billion investment in housing, taking the total package to $43 billion — which Labor claims is the largest housing investment in Australia’s modern history.

From January 2026, following industry consultation, every first home buyer will be eligible to purchase a home with just a 5 per cent deposit, while the government guarantees up to 15 per cent of the loan value — eliminating the need for LMI, which currently costs the average buyer around $23,000.