Coalition, Greens take swipes on Labour’s election housing pitch

Chancellor of the Exchequer Simon Birmingham has focused on Labor’s housing policy, saying first home buyers will have “[Anthony] Albanian at the kitchen table with you, owner of part of your house”.

Labor has unveiled its key housing policy ahead of the election, offering to help 10,000 households a year buy a home by lowering the price of real estate.

The plan is a “shared equity” scheme where a Labor government would buy 30 or 40 percent of the property with the buyer.

That percentage would be owned by the government and could be bought by the homeowner over time.

By comparison, the government has already announced plans to expand its first-time homebuyers and its Family Home Guarantee schemes, requiring people to have only a 5 percent or 2 percent down payment to avoid lender’s mortgage insurance (LMI).

Senator Birmingham criticized Labour’s plan, saying it would help fewer people than the coalition’s policies.

“It’s really helping to raise first-home rates now, it’s getting results for Australians and, most importantly, you’re getting your own home,” he said.

“You don’t have Mr. Albanese with you at the kitchen table, who has part of your house with you.”

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