Trish Cook (Bullwinkel, Australian Labor Party) Share this | Link to this | Hansard source

Many Australians are working hard, doing the best things for their families and putting money aside each week for a housing deposit. But, too often, the dream of homeownership feels like it's slipping further away. When I'm out doorknocking in Bullwinkel, I hear the same questions again and again: 'How I will ever afford to buy a home? I can afford rent but how will I be able to buy a home? How will my kids afford one of their own?' Right now, buying a home has become a dream for the lucky few and those who are fortunate to have the bank of mum and dad to go to.

But that's why Labor is acting. From 1 October 2025, every first home buyer will be able to purchase a home with just a five per cent deposit and they won't pay a cent in lenders mortgage insurance. For the average person, this will shave years off saving for a home deposit. This is a change that brings hope to the younger generation, and it's a relief for parents close to retirement—parents who may have felt obligated to dip into their savings or pull out money from their own super just to help their adult children get a foot on the home ladder.

We're also continuing the largest housing build in Australian history, because more housing means more affordable homes, and we're investing $10 billion to build up to 100,000 homes— (Time expired)