David Moncrieff (Hughes, Australian Labor Party) Share this | Link to this | Hansard source

Housing affordability is one of the most pressing challenges for my community and for my generation. It's a challenge that those opposite didn't want to face during their nine years in government. They spent nine years squandering opportunities to deliver meaningful opportunities for those struggling to afford housing. They took it so unseriously they didn't even appoint a housing minister for most of that time. Young people who grow up in Hughes do not like to leave it. Why would they want to? But the unaffordability of the housing market means that they have to move away from their support systems, their friends and their connections.

The Albanese Labor government were elected to take real action on housing, and that's what we're doing. Saving for a home is challenging for young people, especially early in their career. That's why I am so proud that we're delivering five per cent deposits for first home buyers. From 1 October 2025, every first home buyer will only need a five per cent deposit. That will cut years off the time it takes to save for a deposit, helping young people into their first home sooner. Our five per cent deposit scheme lowers barriers to getting into homeownership by reducing deposit timelines and cutting around $23,000 to $34,000 in mortgage insurance costs, allowing more people in my community to enter the housing market faster. Under this model, a first home buyer can buy a medium home priced at $844,000 with a deposit of just $42,000, shaving eight years off the time it takes to save for a deposit and cutting up to $34,000 in lenders mortgage insurance.

Younger householders and struggling families in higher-cost suburbs like Menai, Engadine, Moorebank and Wattle Grove will benefit from this faster— (Time expired)