Luke Gosling (Solomon, Australian Labor Party) Share this | Hansard source

Many young Territorians are working hard and trying to save but feel like the dream of homeownership has never been further out of reach. Of course, we as Labor are making it easier for you Territorians, young or old, to buy your own home.

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 for a deposit, helping you to own your home sooner. And you won't have to pay a single dollar in mortgage insurance either. First home buyers only need a five per cent deposit, while single parents only need a two per cent deposit. Housing Australia provides a guarantee to the buyer's bank to enable a homebuyer to borrow up to 95 per cent, or 98 per cent for single parents, of the property's value.

For those Territorians seeking to apply, you need to be over 18; you need to be a first home buyer or a homebuyer who has not owned a property in Australia for the last 10 years; you need to be buying or building a residential property to live in; and you need to have saved a minimum deposit of five per cent, or two per cent for single parents. This is fantastic support from our federal government to Territorians that want to own their own home.

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