Kara Cook (Bonner, Australian Labor Party) Share this | Hansard source

Too many Australians are working hard, saving carefully and doing everything right, but the Australian dream of homeownership has felt out of reach. That is why the Albanese Labor government has taken decisive action. From 1 October this year every first home buyer will need only a five per cent deposit. This change will cut years off the time it takes to save, helping Australians into their own homes sooner. Because the government will stand behind these loans, first home buyers will no longer be forced to pay tens of thousands of dollars in lenders mortgage insurance. That is real relief. It will make a real difference to first home buyers in my electorate of Bonner and right across our country.

When I was doorknocking in Wishart during the election campaign, I met a young tradie just finishing his apprenticeship. He told me with some despair that he could not see how he would be ever be able to afford a home, because saving for the deposit felt never-ending. He told me he had a regular savings plan that had only about half of what he needed saved. I told him about Labor's plan for a five per cent deposit and that he would need to wait until next year for it to come into effect. But today I'm so proud to say to him and to so many others in my community of Bonner that, from 1 October, that support will be in place, meaning he and many others will be in their first home sooner. This government made a promise to make the dream of homeownership more achievable. Today, we are delivering on that promise.

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