We're the first to say we love a democracy sausage but we also know this Saturday's Federal Election is not about free food but rather, the opportunity to choose which leader you believe is best for Australia.

Whichever party wins this weekend, changes will most likely occur to key economic sectors including the property market.

So, if you've recently bought a property or plan to buy soon, or you already have a mortgage, you may be uneasy about how the election will affect your property ambitions - especially after a higher than expected cash rate increase a few weeks ago.

Read on to find out what the major and minor parties are offering to the real estate market.

LIBERAL PARTY

1. Superannuation and house deposits

Announced just a week before the election, the Liberal Party's superannuation plans essentially come in two sections.

• Lowering the age threshold of seniors wanting to access a personal super contribution from a "downsizing" sale.

As it stands, seniors 65 years old or older can add a contribution of up to $300,000 from the proceeds of a home to their super fund.

But last weekend, the Liberal Party proposed that as of July 1, 2022, this age would drop to 60 years old or older.

This could incentivise a further 1.3 million seniors to downsize and also enjoy an easy super increase while giving younger people a bigger chance of buying.

• Super Home Buyer Scheme

This plan will enable first-home buyers to access 40% of their superannuation (or a maximum of $50,000) for their deposit.

This isn't a brand new idea with the First Home Super Saver Scheme already allowing people to access voluntary contributions to their super funds for their deposit.

However, the Liberal Party's new scheme is available to any first home-buyer who plans to buy either a new or established property to live in themselves for at least 12 months.

There are no caps on the property's price but the buyers must already have saved at least a 5% deposit.

As well, the money from the super fund plus all capital gains must be returned to the buyer's super fund after the property is sold.

Finally, the scheme won't start until July 1, 2023 - assuming of course that Scott Morrison wins the day on Saturday.

2. More opportunities for more expensive houses

The opportunity to be part of the popular First Home Guarantee Scheme (formerly the First Home Loan Deposit Scheme) will increase to 35,000 places every year with price caps also rising across most of the nation by up to $250,000.

The new 35,000 placement figure is up from the previous 10,000 spots, allowing more first-home buyers to purchase a property with just a 5% deposit and with no need for Lenders Mortgage Insurance (LMI) as the Liberal Government acts as guarantor.

3. Extra incentive to purchase in regional areas

An extension of the First Home Guarantee Scheme, the Regional Home Guarantee would give 10,000 people moving to rural and regional areas the opportunity to purchase a home with just a 5% deposit.

This includes non-first home buyers and other permanent regional residents and as with the First Home Guarantee Scheme, these buyers would also not need to pay LMI.

However, the house they buy must be brand new or be under construction, and the buyers must not have owned a house for at least five years.

The scheme is proposed to begin on October 1, 2022.

4. Property assistance for single-parent families

The number of single-parent families assisted with homeownership will increase to 5,000 per financial year.

These people will also be able to buy their first home - or simply, re-enter the property market - with deposits of just 2%.

The scheme will run from July 1, 2022 to June 30, 2025.

5. Additional funding for affordable housing

The Liberal Party has promised to support social and affordable housing with an extra boost, by giving the National Housing Finance and Investment Corporation (NHFIC) an extra $2 billion for low-cost financing.

This cap increase of NFIC's Affordable Housing Bond Aggregator (AHBA) - which administers low cost, long-term loans to registered community housing providers - will support an additional 27,500 dwellings with the total cost of such financing increased to $5.5 billion.

LABOR PARTY

Not surprisingly, the Labor Party also has several ideas to help first-home buyers in particular achieve the "Great Australian Dream" of buying a house.

1. Help To Buy Schemes

Similar to Scott Morrison's First Home Guarantee Scheme, this $329 million plan will see the Labor Party provide all buyers - not just first-home ones - with up to 40% of the price of a home.

The buyers wouldn't have to pay LMI but would repay the government for their "equity contribution" over time.

As well, if the buyers want to purchase further stakes of 5% or more in their home, later on, they can do so.

However, the scheme is limited to just 10,000 places every year and is only available to people having a gross annual income of $90,000 or less (or $120,000 for couples).

If their income increases, buyers must start paying the government back ASAP while if buyers sell the house, the government will want to be repaid its share of the sale figure.

Finally, buyers must also still have a 2% deposit or more, be prepared to live at the home, and not purchase any other properties or land while within the scheme.

2. Housing Australia Future Fund

This plan will see Anthony Albanese's team build 30,000 social homes over five years while also creating new jobs.

The $10 billion idea would essentially be an investment fund or partnership with the NFIC with Housing Australia Future funds sent to the NFIC to pay for the 20,000 homes allocated to women and children and 10,000 homes provided for frontline workers including police, nurses and cleaners.

3. Regional First-Home Buyer Support Scheme

The Labor Party has also announced it will help 10,000 first-home property buyers to find a home in regional and rural areas, tripling the number of government guarantee opportunities currently available to this group.

The scheme will give buyers with only a 5% deposit the chance to purchase a country property, while also not needing to have an LMI as the government will guarantee up to 15% of the purchase price.

Both new and established homes are available under the scheme, along with house and land packages and off-the-plan apartments but the buyers must live in their house for at least 12 months.

They can also only have a taxable income of up to $125,000 per year (or $200,000 a year for couples).

Finally, the scheme will only apply to people who have lived in a regional or rural area for more than a year and would run until late 2025.

MINOR PARTIES

Greens

First announced in 2017, the Greens' plan to build one million homes over 20 years is still on their wish list for the 2022 Federal Election.

All these homes will be "sustainable, accessible and affordable".

As well, and like Liberal and Labor, the Greens have proposed a "shared equity" ownership scheme for first-home buyers, with the idea of having them live wherever they choose to for just $300,000.

When the scheme was first announced - also in 2017 - the plan was to build 125,000 new homes and sell them to people locked out of housing for $300,000.

The scheme is targeted at renters unable to afford a home and gives these buyers the chance to own up to 75% equity in any given property.

Monthly payments would go towards paying off the home loan and if buyers wish to sell the home, they simply sell their share to the Greens.

One Nation

While this party has not specifically outlined its property market promises, party leader, Senator Pauline Hanson, recently commented that the best way to make housing affordable for Australians was to "close the door to foreign ownership and lower immigration numbers."

Ms Hanson added that she supported Scott Morrison's recent plan for buyers to access superannuation to help them purchase a home; however, she did not approve Labor's plan to have an equity stake in someone's house.

United Australia Party (UAP)

This party's top property commitment is to cap mortgage rates at 3% for at least five years.

UAP chairman Clive Palmer has also proposed that the first $30,000 repaid on a home loan should be tax-deductible every year.

We're here to help

Phew! We know we've given you a lot to consider.

But we hope this rundown has helped you decide which political party can best help you achieve your real estate ambitions and dreams.

Yet whatever the outcome of this weekend's election, rest assured that we've got your property back so if you're in the market looking to sell or even considering investing or refinancing, come to us.

Listing Loop also gives you a better chance of locking down a new place before someone else.

Our off-market and pre-market marketplace give you VIP access to properties so you can get in first.

If you're not a member yet, sign up at Listing Loop, download our app or get in touch with us here.