The proposed plan aims to increase the price limit for properties eligible for this existing scheme, allowing it to cover more expensive homes in areas such as Sydney and Melbourne, and will eliminate the income requirement.

This package will include $2 billion in grants and $8 billion in zero-interest loans or equity investments.

“I want to help young people and first home buyers achieve the dream of home ownership,” Albanese said today.

“When a young person saves a 5 per cent deposit, my government will guarantee the rest with their bank.”

If re-elected, these changes would be put in place from January 1, 2026.

Minister for Housing Clare O’Neil said this plan will ensure young Australians are no longer “bearing the brunt of the housing crisis”.

“We want to help young Australians pay off their own mortgage, not someone else’s,” O’Neil said.