Zhi Soon (Banks, Australian Labor Party) Share this | Link to this | Hansard source

During the election campaign, the thing I heard most often from young people in my electorate of Banks was that they wanted to see a government that would help them get into their first home. I heard many stories in Banks of people who were paying an amount in rent that was similar to what they had worked out they would be paying for a mortgage but were unable to get enough saved to get over the deposit hurdle. That is why I am so pleased that this Labor government's five per cent home deposit initiative is being introduced. It will open the doors of homeownership to so many more hardworking Australians, especially our young people. From 1 October 2025, first home buyers can get into a property with only a five per cent deposit, cutting years off the time required to save for a deposit and saving first home owners thousand in lenders mortgage insurance.

The housing crisis is a complex beast that has been decades in the making. While the former government didn't even see fit to have a housing minister for most of their term, this Labor government is getting the job done with an excellent housing minister and an ambitious agenda, including to boost housing supply with targets and programs that make it easier for Australians to get into a place of their own, making sure the next generation are able to have somewhere to live and somewhere to build a home for generations to come.