Anthony Albanese launches Labor campaign

Anthony Albanese has looked to appease first homebuyers at Labor's campaign launch. Video via AAP

Transcript

00:00This, a reality, begins with recognising that things are fundamentally different for this generation.

00:07In 2025, there are many Australians on incomes where any bank would offer them a typical home loan

00:14and they would be able to make the repayments, but they just cannot save up the 20% deposit.

00:22These are young Australians who are stranded just below the first rung on the property ladder.

00:28Working hard, making sacrifices, but watching in frustration as house prices rise faster than they can save.

00:37That saps your confidence in yourself, but also in the system.

00:44And at the moment, if you can't get that 20% deposit, the only other option you have is to pay $20,000 or more in mortgage insurance.

00:54The only thing that buys you is higher repayments down the track.

01:00Now, this is no kind of choice at all.

01:03And our Labor government is going to fix it.

01:06Today, I announced that under a Labor government, you'll be able to buy your first home with just a 5% deposit.