Labor announces 5 per cent deposits for all first home buyers and build 100,000 homes

Labor have announced a significant election policy, which will give all first home buyers access to 5 per cent deposits and invest $10 billion to build up to 100,000 homes for sale only to first home buyers. 

Labor will enable every Australian to buy their first home with a 5 per cent deposit. There will be higher property price limits and no caps on places or income, in a major expansion of the existing scheme, which will also see first home buyers avoiding the costs of Lenders Mortgage Insurance. 

The $10 billion investment will be made up of $2 billion in grants and $8 billion in zero-interest loans or equity investments primarily to States and Territories, which will be required to match the $2 billion Federal Government grant contribution.