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

For too long the dream of homeownership has felt like 'a cruel summer' for young people in Melbourne—working hard, saving what they can, but never quite getting there. That's why Labor's five per cent deposit policy matters. It gives first home buyers 'a place in this world', a real chance to step out of their endless renting into stability. Too many feel they don't belong in the market, but they do. They can find a home and say 'you belong with me'. For young couples and families, this is a 'love story' of security and possibility.

From October, 'everything has changed'. It will take years less to save for a deposit and no-one will pay a single dollar in mortgage insurance. When you finally hold the keys, that's the moment to say 'long live' the hope of owning your own home. This policy is about building communities, not just houses, because 'new romantics' are moving in, bringing fresh energy and ideas into our city.

Let's be clear. Renters shouldn't feel like 'all you had to do was stay' when all they want is a fair go at buying, nor should Melbourne miss out because in the past others said 'this is why we can't have nice things'. Labor is changing that. We're making it easier to buy your first home and giving more people the security of a place to love to call their own. (Time expired)

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