Ms BYRNES (Cunningham) (13:37): Owning a home is the great Australian dream, and that dream is getting closer for thousands of people. From 1 October, every Australian purchasing their first home will be able to enter the market with just a five per cent deposit and without the added cost of lenders mortgage insurance. This means more young people, families and hardworking Australians will have the chance to buy their first home sooner.
When it comes to housing, in Cunningham we have already seen the incredible impact of government support. From May 2022 to April 2025, 680 local people used the Home Guarantee Scheme to get into the housing market. Here's what that looks like in practice. A person in the Illawarra can purchase a $1 million home with a $50,000 deposit instead of a $200,000 deposit. In its first year alone, this initiative will save Australians around $1.5 billion in avoided mortgage insurance costs, money that will stay in family budgets, bringing homeownership within reach so much sooner.
This scheme is part of the Albanese government's $43 billion housing agenda, including a $10 billion commitment to deliver 100,000 homes exclusively for first home buyers. By delivering this reform, we are giving Australians a chance to step into their first home, build security for their families and invest in their futures.