Sarah Witty (Melbourne, Australian Labor Party) Share this | Hansard source

Too many young people in Melbourne work hard and save what they can, but homeownership feels further out of reach every year. That's why I welcome the Albanese Labor government's announcement that from 1 October every first home buyer will only need a five per cent deposit. This will cut years off the time it takes to save, and it means buyers won't pay a single dollar in mortgage insurance.

In suburbs across the electorate of Melbourne, from Carlton to Collingwood and Docklands to Fitzroy, young people are being locked out of the market. Cutting deposit requirements is practical, immediate relief, and, by building 100,000 homes exclusively for first home buyers, we are levelling the playing field.

This comes alongside Labor's 20 per cent reduction in HECS debt. Many graduates in Melbourne balance rent, rising bills and student repayments. This will free up real money to put towards a first deposit. It means more for our teachers, nurses and hospitality workers, who can see a pathway to buy their own home.

The Liberals sat on their hands for a decade, letting the crisis get worse. I am proud that this government is tackling it head-on, cutting the time to save, reducing student debt and building the homes our city needs, because everyone deserves a chance to have a place to call home.

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