Australians went to the polls on 3 May 2025 and with Labor securing a second term in government, housing policy has once again taken centre stage. With affordability, supply and first homebuyer support under the spotlight, the newly re-elected government has rolled out some of the biggest housing initiatives in decades and for buyers considering a quality, well-positioned home like Norus, these changes could be game-changing.
At the heart of the Labor campaign was the Homes for Australia Plan - a landmark $43 billion investment to tackle the national housing shortage. The goal? To deliver 1.2 million new, well-located homes over the next five years, including 100,000 homes specifically earmarked for affordability and accessibility.
This plan focuses on increasing housing supply in well-serviced, high-demand locations close to transport, jobs and amenities - the very attributes Norus Projects are known for.
One of the standout policies is the extension of government guarantees for first home buyers with a 5% deposit, removing the need for costly Lenders Mortgage Insurance (LMI). Under the scheme, known as the First Home Guarantee, the Albanese Government guarantees up to 15% of the property’s value, allowing eligible buyers to purchase a home with as little as a 5% deposit without paying LMI. This can save buyers an average of around $23,000, depending on the property value and lender.
Labor also confirmed the roll-out of its $5.5 billion Help to Buy scheme, a shared equity program where the government contributes up to 30% of the property price for existing homes and 40% for new builds. Buyers need only a 2% deposit and no LMI applies. The government retains its ownership share, which buyers can repay over time. This makes home ownership more accessible for Australians on modest incomes.
In addition, the government’s $10 billion Housing Australia Future Fund will deliver 30,000 new social and affordable homes over five years, helping ease broader housing pressures and rental demand.
The reality is, while government initiatives are positive, delivery will take time. Labor’s own projections suggest new homes under these policies won’t begin settling until 2027–2028. For those looking to secure their place sooner, Norus Projects offer a distinct advantage:
The May 2025 election results have cemented housing as one of Australia’s most critical national priorities. For buyers ready to make the move, Norus remains an outstanding option, combining the immediate opportunity of a quality home with the long-term benefits of being part of a well-positioned, future-ready community.
If you’d like to learn more about how recent policy changes might benefit your purchase or secure one of our remaining off-the-plan apartments, contact the Norus team today.
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