Tuesday, 11 May 2021
Questions without Notice
( My question is to the Minister representing the Minister for Housing, Senator Ruston. Could the minister please advise the Senate how the Morrison government is securing Australia's recovery by supporting homebuyers and construction jobs in the housing sector, including through the Family Home Guarantee, which will allow single parents to enter or re-enter the housing market?
I thank Senator Henderson for her question. This is an absolutely fantastic new initiative. It's an initiative that is included as part of a suite of measures that are in the budget, because we are all about supporting Australians. We know that single-parent households have lower ownership rates than dual owners or dual occupants. We want to make sure that we support them to jump the biggest hurdle to homeownership—that is, saving for the deposit. So the Morrison government is putting in place the Family Home Guarantee so that single parents are able to secure finance with only up to two per cent of their deposit. The government will act as the guarantor for the other 18 per cent and, in doing so, we tell single-parent Australians that we stand side by side with them supporting them in their commitment and their aspirations to realise their dream of homeownership. This will allow single eligible parents seeking to enter or re-enter the housing market to provide a secure home environment for themselves and for their children. In 2021-22, we believe that around 125,000 single-parent homes will be eligible to access the Family Home Guarantee. I would encourage every single person in the chamber, whether it be this side, that side or down the other end, to tell your constituents about the benefit that this can deliver for your constituents.
Senator Watt interjecting—
Senator Seselja interjecting—
I also want to acknowledge the huge amount of work done by the Minister for Women's Economic Security, Senator Hume, because we know the overwhelming majority that this particular initiative will support will be women. We know that of the 125,000 households that will be eligible for this, 105,000 of them will have women as the sole parent in the household. We also know that 47 per cent of single-parent families rent from a private landlord as opposed to— (Time expired)
The measure is going to help Australians, particularly young Australians, to invest in their future by extending the new home guarantee. The extension will provide an additional 10,000 guarantees in the 2021-22 year, allowing first home owners to build a new home or move into a newly built home with a deposit of as little as five per cent. The other 15 per cent will be underwritten by the government. The new home guarantee has proved extraordinarily popular and particularly popular in enabling young Australians to be able to get into their first home much earlier. Fifty-one per cent of the guarantees that we've put in place today have gone to people under the age of 30. This is a hugely positive program. It works alongside the HomeBuilder program, which equally has been very successful not only in being able to provide access to homeownership but also in stimulating the construction industry.
This government is absolutely committed to supporting Australians in their dream to own their own home. To do so, we have made sure we have a suite of measures, because not everybody is going to want to have the same measure. An example is the First Home Super Saver Scheme. Previously we only allowed $30,000 to be paid into it, and we have increased that to $50,000, again making that deposit just that much more realisable for young Australians who want to get into their own home. It will also make sure we can assist them in saving that deposit more quickly. The First Home Super Saver Scheme has been accessed by about 18½ thousand new home buyers since 1 July 2018. We are absolutely committed to making sure that Australians who want to own their own home are given the easiest possible pathway to realise that, because it is the Australian dream.