The Coalition already has a Super Saver program for first-time home buyers to access their supplemental retirement contributions, which offers a tax reduction on savings.
For those aged 55 and over, the Coalition offers downsizing incentives. Future retirees will be able to deposit up to $300,000 per person in their super if they sell their family home, under the proposed scheme.
The Coalition also pledged to increase the stock of social and affordable housing by providing $2 billion in low-cost loans through the National Housing Finance and Investment Corporation.
The new policies would be added to the Coalition’s Home Guarantee Scheme, where eligible buyers can enter the market with a 5% down payment, or 2% if they are a single parent. Regional buyers can also access the program if they are buying or building a new home.
While some homebuyers have welcomed the policies, the Coalition has come under fire from pundits and economists who say they will inflate home prices as more buyers compete. It will also add pressure on those who need to take out larger loans, with a lower deposit, as interest rates rise.
Experts argue that more homes should be built to give buyers choice and keep prices at more affordable levels. However, Morrison says the policy will help increase the number of available homes and spur the construction of new homes, while Treasurer Josh Frydenberg put his ‘hand on his heart’ to swear house prices would not rise because of the new super program.
Australian Labor Party
The ALP has also focused on housing affordability, launching its homebuyer assistance program at the start of opposition leader Anthony Albanese’s campaign.
This is a capital stock program that would allow eligible buyers, with a down payment of at least 2%, to buy a home, with the government covering up to 40% of the cost of a newly built property or 30% of the cost. of an existing one.
State governments such as WA and Victoria already run similar share-sharing schemes, but this would take the idea to a national level.
Buyer assistance will be open to buyers who don’t own a property — not just first-time home buyers — but eligible buyers must be earning less than $90,000 a year, or $120,000 if they’re in a relationship with.
Participants must buy out the government’s share in their house if they start earning more than the salary threshold.
The ALP also plans to establish the Housing Australia Future Fund, a $10 billion investment fund whose proceeds will be used to build social and affordable housing across Australia. The party estimates that 30,000 houses can be built in five years.
The ALP will correspond to the housing guarantee program of the Coalition. Like the Coalition, the ALP has been criticized for failing to address the need for more housing across the country and for driving up housing prices. But Albanese says it will ‘tackle the housing crisis’ in Australia.
“In Australia, housing is completely cooked. It’s a big problem, and with a big build we can solve it,” the Australian Greens website notes.
They are committed to building 1 million new sustainable, accessible and affordable homes across the country through the creation of a new Housing Trust.
Of those, 125,000 would be offered through a condominium program, allowing people to own their first home where they want to live for just $300,000. Homeowners will have up to 75% of the equity in the home and sell it back to the government if they want to move on.
Another 125,000 would be built as universal access rental housing, while the other 750,000 would be built as public and community housing to end long waiting lists for those in need of social housing and “ending homelessness”.
The Greens’ policies have been criticized as being too expensive to implement, having an unknown impact on the housing market, and as unlikely to gain support from state governments.
Greens leader Adam Bandt argued the government needed to do something “urgent” to ensure every Australian had a safe place to call home.
United Australia Party
The party led by Craig Kelly promises to keep interest rates at a maximum of 3% for home loans over the next five years, by legislating a ceiling.
The move was heavily criticized because capping interest rates would create a range of problems, including for the wider economy, with lower interest rates leading to higher costs, including at the supermarket.
UAP also promised that the first $30,000 of a home loan would be tax deductible “and restore the Australian dream for every Australian to own their own home”.
Australian Democrats are calling for the construction of 100,000 new affordable homes and 100,000 social and community homes. “Our plan also calls for tax reform – changing the negative debt rules, so that they only apply to investment in new housing. We suggest halving the tax exemption on capital gains to discourage speculation on existing homes and long-term vacant homes, currently 4%,” its policy states.
Pauline Hanson’s One Nation Party
The only housing commitment, at least online, is to stop the sale of homes to non-residents and non-citizens of Australia.
animal justice day
Although much of its policy concerns the treatment of animals and animal testing, the AJP has a position on housing.
“The AJP recognizes and is guided by the expertise of the Australian Council of Social Services (ACOSS) on homelessness,” states its policy. “As a result, AJP supports the prevention and intervention measures advocated by ACOSS in 2020 to combat homelessness, including a proactive national housing strategy, sustained investments in affordable housing and tax reform.
Fusion Party Australia
The FPA – a merger of the Science, Pirate, Secular, Vote Planet and Climate Change Justice parties – wants to end capital gains tax incentives, replace stamp duty with a property tax and increase zoning densities to stop climate change. ‘urban sprawl. The party also hopes to increase the number of social housing among other political promises.
The Socialist Alliance is another political party proposing a national housing policy. It is also committed to tackling homelessness and the housing affordability crisis by building more social housing.
The party also wants to create a public body to provide low-interest housing loans, nationalize and renovate all substandard rental housing, repair and decarbonize public housing, and establish a a tenants’ bill of rights that would include rights to long-term tenancies, pets and safeguards against wrongful eviction.