Ali France (Dickson, Australian Labor Party) Share this | Link to this | Hansard source

Young Australians wish they could afford a home amongst the gum trees or a home with lots of plum trees, a sheep or two or a kangaroo. Young Australians just want a roof over their heads. An eighties built flat with no veranda out the back would do. Owning your own home is the great Australian dream, but, for many hardworking Australians, the dream of owning a home is slipping further and further out of reach. That is why the Albanese Labor government is helping first home buyers get into a home of their own by offering five per cent deposits and guaranteeing a portion of their home loan so they don't have to pay lenders mortgage insurance. Single parents will also be able to buy a home with just a two per cent deposit.

Young people have the same homeownership aspirations as generations gone by, but our young people are losing hope that homeownership is possible. The portion of average wages dedicated to mortgage payments has risen dramatically, from 32 per cent in the late nineties to 49 per cent in 2024. That means Australians are now spending nearly half their household income on mortgage repayments, and, in some states, they spend over 50 per cent. House prices have gone up, and interest rates have gone up. But, for a decade, while the coalition was in power, wages stagnated. All of these things combined have made homeownership so much more difficult than in previous generations. That's why the Albanese Labor government is expanding our First Home Guarantee. From 1 October, first home buyers will be able to purchase a home with just a five per cent deposit. And, because the government will guarantee part of these mortgages, buyers won't be hit with tens of thousands of dollars in lenders mortgage insurance. On average, they will save about $25,000.

For first-time homebuyers in my community of Dickson, I know this will make a real difference. Our beautiful Moreton Bay community is one of the fastest growing regions in the country. North of Brisbane, many young families are moving to Moreton Bay after being priced out of Brisbane. Nearly 800,000 people are expected to live in the City of Moreton Bay by 2046. That's more than double the size of Hobart and almost double the size of the whole of the ACT. During the election campaign, I spoke to many young couples and single parents—long-term renters—who told me they feel like they're always just that one step behind. Many of them told me that making it easier to buy their first home was what they cared about most. Since we came to government in 2022, 1,200 people in Dickson have already been able to buy their first home with a five per cent deposit or less.

We are also building 100,000 new homes exclusively for first home buyers so they don't miss out to property investors. We are continuing the largest housing build in Australian history, because more housing means more affordable homes. Whether it's apartments for young professionals, townhouses for growing families or accessible homes for older Australians and those with a disability, we're building for everyone. As a single mum, I am also incredibly proud that the Albanese Labor government is backing single parents, who often face even greater challenges when it comes to homeownership. We are also investing in social and affordable homes for vulnerable people who can't afford rent let alone buy a home. There are around 28,000 social and affordable homes in planning or under construction. When those opposite were in government they failed to invest in housing, only building 373 social and affordable homes in nine long years of government.

The Albanese government is making real progress. We're listening to Australians. We're acting on what matters, and we're delivering on our promise to get more people into their own homes—perhaps a little bush retreat where the kookaburras call—with their own kitchens so that they can cook up a roast or vegemite on toast.