Australians will head to the polls on May 3, and with housing affordability shaping up as a key election issue, we unpack how the two major parties are pledging to help first home buyers.

Housing affordability has reached boiling point.

Both Labor and the Coalition agree on this.

But they’re offering different solutions for first home buyers.

Much of the 2025 Federal Budget was already known, after a volley of pre-election spruiking for votes. But Treasurer Jim Chalmers had one surprise up his sleeve - $17 billion in tax cuts. The first round of cuts will kick in on 1 July 2026 and second round on 1 July 2027, saving the average earner $536 each year when fully implemented.

Find out how to save money every day and make a savings plan to stay on track.

An online savings account is a great way to grow your money faster. Unlike a transaction account, you can’t spend money directly from a savings account, so it's harder to dip into your savings.