This morning the Prime Minister and the Minister for Housing and Minister for Cities fast-tracked the support we committed to providing to first home buyers during the recent federal election. The great Australian dream of owning your own home is going to happen. The dream of first home buyers owning a home sooner will now commence in October 2025 instead of next year, 2026.

So, what does a five per cent deposit scheme mean? The Australian government will guarantee that first home buyers can purchase a home with a lower deposit and will not be required to pay lenders mortgage insurance. This means a first home buyer wanting to buy a home in Dunkley for $600,000 can do so with a deposit of $30,000, saving up to six years off the time it takes to save a deposit, saving money on mortgage insurance and reducing the amount of money young Australians pay in rent.

I understand firsthand how this policy will help young Australians in Dunkley to buy a house in our incredible community, the land by the sea. The aspiration to have a place to call home will be attainable because the Albanese Labor government is stepping up so young Australians have a roof over their heads sooner.