Kevin Rudd, Australia's Leader of the Opposition has promised a special home buyers' bank account with tax concessions if Labor is elected on November 24.
Mr Rudd says AU$64,000 could be saved by a couple on the average wage over five years. The plan would cost the Government $600 million dollars.
The Housing Industry Association has welcomed the announcement but says it would be a start and would "avoid a stampede of first home buyers into the market."
Prime Minister John Howard is bracing himself for a possible Wednesday interest rate rise which may decide the election. Howard has defended the rumours, saying that some rise would be 'unavoidable'.
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Australia Votes 2007: Labor plan for home buyers