The new scheme, which involves setting up a savings account which wil run through the post office network, pledges to help turn homeowners aspirations into reality.
Environment Minister Aland Kelly and Education Minister Jan O'Sullivan launched the party's plan for housing, 'Making Homes Affordable', in Limerick on Thursday, 11 February.
Both Ministers visited a social housing development on Lord Edward Street in before formally launching the policy.
Minister Kelly said: "Affordability is the key theme for the Labour party and for housing policy in general. There are tentative signs of a housing recovery, planning permissions are up, completions are up and commencements are up.
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"But we need much more. The sector is only beginning to stabilise, but an affordable home for all is a very real possibility if Labour are given another chance by the people to be in Government.
"We want to make sure that every person should have access to good quality, secure, affordable housing."
Minister O'Sullivan added: "Solutions in housing require long-term planning and investment – not short-term soundbites. Labour has provided the resources necessary to revive the social housing sector – the challenge now is to ensure delivery.
"Recovery in house building has lagged behind the growth in other areas of the economy. Increasing supply is an absolute priority. More supply will increase affordability, increase the availability of rental properties and relieve the bottleneck that impacts across all areas of housing."
(CD)
