What Labor’s win means for aspiring home owners

The Labor party pulled off a landslide victory in the recent federal election. So, what does this mean from a housing perspective?

If you’re an aspiring homeowner, here are the key campaign promises that may impact your buying plans. Keep in mind the measures will now need approval from the new Parliament, so be sure to watch the outcome of the legislative process.

5% deposits for all first home buyers

Labor pledged to expand the existing First Home Guarantee, so that first-time buyers can purchase a home with a 5 per cent deposit from 2026, without copping lenders’ mortgage insurance (LMI).


Generally, buyers need a 20 per cent deposit in order to avoid LMI, which usually costs the average buyer $23,000. However, under the First Home Guarantee scheme, the government guarantees 15 per cent of the home loan, so borrowers don’t have to pay LMI.


Labor plans to remove caps on places and income, and said there would be higher purchase price limits. More than 150,000 first home buyers have reportedly already accessed the scheme.


To put it in perspective, under the scheme eligible Sydneysiders would be able to buy a $1.5 million home with a $75,000 deposit. Meanwhile, a first home buyer in Queensland could buy a $850,000 home with a $42,500 deposit.


100,000 homes for first home buyers

The Albanese Government also plans to put $10 billion towards building 100,000 homes exclusively for first home buyers.

The government said it would start construction in 2026-27, with owners able to move in from the following financial year.


Expansion of the Help to Buy scheme

Labor will boost its Help to Buy scheme, which passed the House of Representatives last year, by increasing income and property price caps.

Under the scheme, eligible home buyers can purchase a property with a deposit of as little as 2 per cent (without having to pay LMI), with the government contributing 30 to 40 per cent equity towards the purchase. So, for a $600,000 property, the deposit would be $12,000.

Prior to the election, Labor said it would lift the property price caps and income caps from $90,000 to $100,000 for individuals, and from $120,000 to $160,000 for joint applicants and single parents.


The Help to Buy scheme is expected to open for applications in 2025, with 40,000 spots available over four years.

As part of the rollout, some states and territories have already passed legislation relating to the Help to Buy scheme. To find out what’s available in your area, get in touch and we’ll look into it for you.


Foreign investors banned

From 1 April 2025, Labor introduced a 2-year ban on foreign residents buying existing properties. 

The measure is intended to address housing affordability issues and prioritise housing for Australian residents.


Prefabricated homes a priority

Labor will deliver a $54 million targeted investment in advanced manufacturing of prefabricated and modular home construction and provide $120 million from the National Productivity Fund to incentivise states to remove red tape and help more homes be built faster. 

Through the Housing Australia Future Fund and other programs, Labor aims to deliver 55,000 social and affordable homes (28,000 of these homes are in planning and construction).


Cost of living measures

Cost-of-living measures included new tax cuts, more energy bill relief, and initiatives to cut the cost of medicines and student debt.


Looking to buy a property?

If you’d like to explore how the government’s housing measures may help you get a leg up on the property ladder, we’re here to help.


Get in touch today.

Can gambling impact your home loan application?

July 10, 2025
If you’re looking to buy a property, it’s important to remember that your gambling habits could be taken into account when you apply for a home loan. Your lender will look at any track record of gambling when assessing your financial situation and ability to repay the mortgage. Not only could gambling jeopardise your chances of being approved for a loan, but it could also impact your ability to refinance down the track. Understanding the process When you apply for a home loan, your lender will do an affordability assessment. As part of this, they’ll assess your income (from all sources) against your outgoings (your regular expenses). They’ll also likely check your credit score. If a lender sees evidence of regular gambling transactions as part of your expenses, it may be a red flag. They’ll look at how much money you’re gambling, how frequently you’re betting and what type of gambling you’re participating in. If it’s a small amount you’re gambling relatively infrequently for leisure, it probably won’t raise any alarm bells with the lender. The occasional Powerball ticket, for example, will be considered harmless. However, if it’s an ongoing habit that’s getting out of control, it could limit your ability to secure finance. How to turn things around There are steps you can take to try to maximise your chances of getting approved for a home loan if you do have a history of gambling. Domino your debts: Paying off your debts – whether it be credit card debt, car loan or personal loans – is a good place to start, as it shows you are able to manage your finances effectively. Budget and save: A strong track record of saving will go down well with lenders. Keep putting money aside regularly and grow your savings nest egg. Boost your credit score: You can access your credit score and credit report for free every few months. If you notice any errors in the report, contact the credit provider. The government’s moneysmart website offers tips on how to improve your credit score, such as lowering your credit card limit, paying your utility bills on time and keeping on top of credit card repayments. Stop gambling: If you think your gambling may jeopardise your home loan application, try to reduce or quit gambling. Seeking help There are many resources available to help you tackle a gambling addiction. GambleAware offers tools and support for those who are looking to stop gambling. The site includes a gambling assessment to see how the habit may be impacting your life, as well as research and links to gambling support groups. You can also get immediate support from Gambling Help Online on 1800 858 858. It’s free and confidential. Other options can be found on the Health Direct website . Like to talk through your finance options? If you’d like to know more about how your gambling habit may affect your home loan application, we’re here to answer your questions. Talk to us confidentially about your financial situation and we’ll help you work towards getting the finance you need.

Are you retirement ready? Planning for the next chapter

By Darcey Rizzuto • May 30, 2025
Retirement often conjures up images of afternoons on a golf course or adventures in a motorhome, of growing your own vegetables or spending quality time with the grandkids.