Prime Minister Burnham has announced a new initiative designed to help first-time buyers onto the housing ladder, placing particular emphasis on supporting people who do not receive financial assistance from their parents.
Speaking about the measure, Burnham said he wanted to ensure those without backing from the so-called "bank of mum and dad" would get help to purchase their first home. The phrase refers to an increasingly common practice in which parents provide loans or gifts to enable younger family members to buy property.
The announcement positions the scheme as a response to persistent concerns about housing affordability and the growing reliance on family support to access homeownership. First-time buyers have faced rising prices and tighter lending conditions in recent years, factors that have put homeownership out of reach for many without external assistance.
Details of the scheme, including eligibility criteria and the timetable for implementation, were not included in the initial statement. Burnham framed the move as an attempt to broaden access to homeownership for those who lack private family funds, signalling a policy focus on reducing reliance on parental transfers.