What election result means for home buyers

What Election Result Means for Home Buyers

Mark Stevenson, Managing Director at Bell Partners Finance (now Evolve Lending & Finance) wrote for The Western Weekender following the 2022 federal election, breaking down what the incoming Labor government’s housing policies meant in practical terms for prospective home buyers.

One of the more debated topics during the campaign had been the Coalition’s proposal to allow first home buyers to draw on their superannuation for a deposit. Labor did not take that policy forward, and Mark noted it was unlikely to while union-linked super funds held significant influence. Even so, the idea had been circulating for years and was unlikely to disappear from policy conversations entirely.

With interest rates rising and housing affordability under pressure, Labor’s focus was on access to ownership. Their flagship Help to Buy scheme proposed a government equity contribution of up to 40 per cent for new homes and up to 30 per cent for existing properties, supporting 10,000 buyers per financial year. Applicants needed a minimum two per cent deposit, a taxable income under $90,000 for individuals or $120,000 for couples, and had to be Australian citizens who did not already own property. The scheme was notably not restricted to first home buyers.

Labor also committed to a Regional First Home Buyer Support Scheme providing a government guarantee of up to 15 per cent, allowing buyers with a five per cent deposit in regional areas to avoid lenders mortgage insurance. Alongside this sat the $10 billion Housing Australia Future Fund, designed to deliver 30,000 new social and affordable homes over its first five years.

For buyers navigating a rising rate environment alongside new policy options, understanding which schemes you qualify for and how they interact with your lending structure makes a real difference.

Want to understand which government schemes apply to your situation? Contact Evolve Lending & Finance for clear, practical guidance.