Bringing together states, territories, investors, and the government, the National Housing Accord will supply one million new homes over five years from 2024.

Under the Accord, the government will provide $350 million across five years to fund the policy.

The government notes the ongoing availability of payments over the longer term can deliver an additional 10,000 affordable dwellings.

States and territories will match the government, supporting up to an additional 10,000 affordable homes.

This will increase the dwellings that can be delivered under the Accord when combined with the Government to 20,000 per year.

The Housing Accord forms part of $7.5 billion, five-point plan designed to deliver targeted cost-of-living relief.

Treasurer Jim Chalmers said the National Housing Accord will for the first time align the efforts of all levels of government, institutional investors, and the construction sector to help tackle the nation’s housing problem - all without adding to inflation.

“The Accord recognises most of this supply needs to come from the market with government playing a key role in enabling and kick-starting investment,” Mr Chalmers said.

“We want more Australians to know the security of decent housing and more Australians realising the aspiration of home ownership.”

PRD Chief Economist Dr Asti Mardiasmo said if the scheme targets social and affordable housing, and will specially be allocated to those on housing lists, it plays very little in alleviating supply in the private market.

"The average joe competing for a four-bedroom house in a desirable suburb will still be fiercely competing for that property," Dr Mardiasmo told

To further assist in adding more supply to the housing market, the government will encourage older Australians to downsize their homes to free up supply for younger families.

This will see the extension of the exemption of home sale proceeds from pension asset testing from 12 months to 24 months, providing more time to purchase, build or renovate a new home before their pension is affected.

Further, the government is expanding access to downsizer superannuation contributions for people aged 55 to 59.

Increasing social and affordable housing

The government will establish the Housing Australia Future Fund to provide 30,000 homes in its first five years - 20,000 new social housing dwellings and 10,000 homes for frontline workers.

The Government notes 4,000 of those dwellings will be allocated to women and children impacted by family and domestic violence and older women at risk of homelessness.

Further under the Housing Australia Future Fund, the Government will also provide 10,000 new affordable housing dwellings, specifically for frontline workers.

Minister for Housing Julie Collins said a National Housing Supply and Affordability Council will be created to deliver independent advice to Government on ways to increase housing supply and affordability.

“One of the Council’s key pieces of work will be to advise on the implementation of a National Housing and Homelessness Plan, which will be developed in consultation with key stakeholders and set out what is needed to make it easier to buy a home, easier to rent, and reduce homelessness,” Ms Collins said.


Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Update resultsUpdate
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees LVR Lump Sum Repayment Additional Repayments Split Loan Option TagsFeaturesLinkCompare
6.04% p.a.
6.06% p.a.
Principal & Interest
Featured 4.6 Star Customer Ratings
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5.99% p.a.
5.90% p.a.
Principal & Interest
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  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
6.14% p.a.
6.16% p.a.
Principal & Interest
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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of . View disclaimer.

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