MORE OF OUR PLAN

1. Low Inflation

2. Cheaper Energy

3.  Affordable Housing 

4. Safer Communities

5. Quality Healthcare

Under Labor, the aspiration of home ownership has become out of reach.

Interest rates and rents have had their highest increases in over a decade.

Labor brought more than one million people to Australia in just over two years – 70% more than any other two-year period. But less than 400,000 homes were constructed in that time.

Further, red tape and union corruption have added to costs and delays.

Labor has also revealed it has modelled new housing taxes (including changes to negative gearing), which would push up rents.

The Coalition is determined to restore the dream of home ownership.

To boost supply, we will:

• Unlock up to 500,000 new homes by investing in essential infrastructure like water, power, sewerage and roads at housing development sites.
• Set a target of 400,000 apprentices and trainees in training, and provide new incentives for small and medium businesses to hire and train an apprentice or trainee.
• Freeze any further changes to the National Construction Code for 10 years. Labor has increased red tape on new projects, adding up to $60,000 to the price of a new home.

To ease demand for housing, we will:

• Implement a two-year ban on foreign investors and temporary residents purchasing existing homes.
• Reduce migration from Labor’s record levels, including reducing permanent migration from 185,000 to 140,000 for two years (then 150,000 in year three and 160,000 in year four). The numbers of foreign students at universities will be reduced by at least 30,000 per year compared with Labor. There will also be an increase in the student visa fee.
• By rebalancing the migration program, the Coalition will free up almost 40,000 additional homes in the first year and over 100,000 in five years.

To assist first home buyers, we will make interest payments on new homes (either houses or apartments) tax deductible for the first five years.

First home buyers who buy a new house or apartment as their principal place of residence, will be able to deduct the interest paid on the first $650,000 of their mortgage. There is no cap on the mortgage size or home price.

Individuals earning up to $175,000 and joint buyers with a combined income of up to $250,000 will qualify.

We will also expand eligibility for the Coalition’s successful Home Guarantee Scheme, which has supported 200,000 Australians into their first home.

A Coalition Government will give first home buyers the choice to access up to $50,000 from their super towards a deposit to buy their first home. The money initially withdrawn from super would need to be returned when the house is sold to support retirement.

And we will work with financial regulators to change lending rules to help young Australians access a mortgage, because current rules mean more than 35% of prospective first home buyers miss out on their first mortgage.

To support construction, we will crack down on corruption and organised crime in the construction industry and deregister the lawless CFMEU.

We will take pressure off interest rates by responsibly managing the economy, including reducing wasteful spending that fuels inflation.

The Coalition understands the importance of investment certainty and will guarantee no changes to negative gearing or tax increases on investments.