Melissa McIntosh (Lindsay, Liberal Party) | Link to this | Hansard source

My question is to the Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing. Will the minister update the House on how the Morrison government's home guarantee scheme will accelerate the dream of homeownership for even more Australians?

Michael Sukkar (Deakin, Liberal Party, Assistant Treasurer) | Link to this | Hansard source

Can I thank the Member for Lindsay for her question and commend her for being a champion for first home buyers in her electorate. I've enjoyed visiting all of the first home buyers in the Lindsay electorate, many of whom have already used the home guarantee scheme to purchase a new home. We took to the last election a commitment to help first home buyers purchase a home with a deposit of five per cent, because we know the biggest challenge for first home buyers is getting into that home and saving what the banks are requiring, which is a 20 per cent deposit.

The home guarantee scheme that we put in place in 2020 has already led to 60,000 first homebuyers purchasing their first home with a deposit of as little as five per cent. We have expanded the scheme to include single parents, to assist single parents purchase a home with a deposit of as little as two per cent. The great success of these schemes has led to the highest levels of people buying their first homes for nearly 15 years. In fact, we see the long-run average of first homebuyers sitting at about 100,000 to 110,000 per year. In the last financial year we helped and ensured that 177,000 first homebuyers were able to get into their first home.

Important though home guarantee scheme was, what is justified now is a major expansion of the scheme. We announced yesterday, and the Treasurer will formally announce this tonight in the budget, the home guarantee scheme will now be expanded to 50,000 places per annum. That will be 50,000 people who will be able to purchase a home with a reduced deposit. There will be 35,000 places for first homebuyers to purchase a home with a five per cent deposit; 5,000 places every year for single parents, 84 per cent of whom are single mothers, to purchase a home with a deposit of two per cent; and 10,000 places set aside for people to build or buy a new home in a regional area. That will be 50,000 places each and every year.

The Labor Party mocked our home guarantee scheme when we announced it. The Leader of the Opposition opposed the $25,000 HomeBuilder grants, which contributed to the first homebuyer levels we have seen. In fact, the Leader of the Opposition said that the HomeBuilder grant would fund gold taps and pearl baths. Well, there are more than 150,000 people who have built modest new homes, first homebuyers who would be utterly shocked to think that the Leader of the Opposition is suggesting they have gold taps in their bathrooms. The Leader of the Opposition does not stand for first homebuyers. The government is a government for first homebuyers. (Time expired)

Scott Morrison (Cook, Liberal Party, Prime Minister) | Link to this | Hansard source

I ask that further questions be placed on the Notice Paper.