Mary Doyle (Aston, Australian Labor Party) Share this | Link to this | Hansard source

One of the greatest challenges for young people in Aston is that, despite their hard work and saving efforts, many still struggle to buy their first home. For these young people in my community, a 20 per cent deposit is daunting, and, if they can't get to 20 per cent, they have to pay for mortgage insurance as well. Across the course of the election campaign, I heard these concerns loud and clear. Since being re-elected, this government has been working hard to address this challenge. From 1 October this year, we are expanding our first home buyer scheme, a scheme that's already been assisting hundreds of people in my electorate to buy their first home. These expansions mean that from 1 October, every first home buyer in Aston will only need a five per cent deposit to enter the housing market and buy their first home. Additionally, we're going to remove income caps, and we're lifting the property caps from $800,000 to $950,000 in the city of Melbourne. This means a $1 million home in my electorate will only require a $50,000 deposit instead of a $200,000 deposit.

However, this is not the only thing this government has done to assist people into housing. Since being re-elected, we have paused the National Construction Code and are fast-tracking 26,000 homes stuck in the approval process. We are building more social and affordable housing, and we've invested over $43 billion in the Homes for Australia plan. These reforms are giving Australians a chance to step into their first home, build security for their families and invest in their futures.