It’s a common story here in South West Sydney, where first home buyers are priced out of the market as housing prices have shot through the roof.  Single parents and older women can’t get into the market.

There is no simple solution to fix this problem, but a government that actually pans for the future can help people in South West Sydney, especially in the Fowler electorate, realise their dream of home ownership.

Labor candidate for Fowler, current Senator Kristina Keneally, and an Albanese Labor Government will cut the cost of buying a home up to 40% for 10,000 Australians per year.

Labor candidate for Fowler, current Senator Kristina Keneally.

Labor’s Help to Buy plan will help people in Fowler buy a home with a smaller deposit, a smaller mortgage, and smaller mortgage repayments.

An Albanese Labor Government will contribute up to 40% of the price of a new home and up to 30% of the price of an existing home.

For homebuyers in Fowler, this will see the cost of a new home cut by up to $380,000 and cut the cost of an existing home purchase by up to $285,000.

Labor’s Help to Buy plan will cut the cost of monthly mortgage repayments for a $950,000 home in Fowler by some $1500 a month.

Labor candidate for Fowler Kristina Keneally said “It’s harder to buy and harder to rent in South West Sydney, especially for first home buyers, older women and single parents.

An Albanese Labor Government will not only build 20,000 more social housing properties and 10,000 more affordable home with our Housing Australia Future Fund, but will also give people in Fowler real help to achieve the Australian dream of home ownership with our Help to Buy plan.”

Under Labor’s Help to Buy plan, homebuyer will need to have a deposit of 2% and qualify for a standard home loan with a participating lender to finance the remainder of the purchase.

Homebuyers will also avoid the need to pay Lenders Mortgage Insurance, an additional saving of potentially more than $30,000.

Labor’s Help to Buy plan will be available to homebuyers with a taxable income of up to $90,000 for individuals and $120,000 for couples.  Homebuyers must be Australian citizens and not currently own or have an interest in a residential dwelling.

“Labor’s Help to Buy plan is not just for first homebuyers, it’s for other Australians – like single parents and older women – who need a helping hand as well,” Labor candidate for Fowler Kristina Keneally said.

“Families in South West Sydney know all too well we have a cost of living crisis in Australia, where the cost of everything from food, petrol and housing is going up but wages are not.

Anthony Albanese and Labor have a plan for a better future.  We will strengthen Medicare, make childcare cheaper, create secure local jobs, and make more things here in Australia.

Labor’s Help to Buy plan will help more families in Fowler facing rising housing costs an opportunity to own their own home with a smaller deposit, smaller mortgage and smaller monthly repayments – a real plan to help ease the cost of housing in South West Sydney.”