Matt Smith (Leichhardt, Australian Labor Party) Share this | Link to this | Hansard source

Under the Albanese Labor government, first home buyers are now able to buy a house with just a five per cent deposit from 1 October this year. A five per cent deposit and no mortgage insurance saves money, reduces ongoing costs and now has been brought forward to help more Australians realise their dream of homeownership. Unlike the policy of those opposite, this five per cent deposit policy allows first home buyers to get into homeownership without having to mortgage their retirement by raiding their super. Combined with other cost-of-living initiatives, such as the 20 per cent reduction in HECS debts, disallowing HECS being taken into account when applying for loans, more affordable health care and child care and better access to education, this delivers a holistic response to ensuring Australians can live their lives in a piece of Australia that they own.

When I returned to the electorate after HECS debts were reduced, so many people came to me and they were excited because now they felt they could start saving for a home. Well, this is great news for them because that house just got a little bit closer.

We were elected to help Australians. We were given a mandate to reduce the imposition of the deposit on first home buyers, to get them into the game sooner and allow them to live their best lives in their own home. And we are delivering. These are the kinds of changes that people expect to see from their governments. We're getting more Australians into their home quicker, while saving them money along the way—a huge win for first home buyers around the country and just another way the Albanese Labor government is delivering on our commitments.