ANNE STANLEY MP
MEMBER FOR WERRIWA

ALBANESE LABOR GOVERNMENT DELIVERS 5% DEPOSITS FOR ALL FIRST
HOME BUYERS FROM TODAY

The Albanese Labor Government is helping more Australians realise their dream of home ownership, today launching 5 percent deposits for all first home buyers.

Through the expanded 5 per cent deposit scheme, the Albanese Government will guarantee a portion of a first home buyer’s loan, so they can purchase with a lower deposit and not pay Lenders Mortgage Insurance.

In Werriwa almost 200 locals have already been able to buy their first homes thanks to Labor’s expanded 5 per cent deposits scheme.

Under today’s changes, all first home buyers in Werriwa will have access to 5 per cent deposits, with no caps on places or income limits. Property price caps will also be set higher in line with average house prices, providing access to a greater variety of homes.

From today, property price caps in Werriwa will be raised from $900,000 to $1,500,000 – meaning a first home buyer will have more options to choose from.

For a first home buyer in Werriwa looking to purchase a $1,000,000 home, Labor’s 5 per cent deposits will save them $150,000.

To find out more, visit www.housingaustralia.gov.au/home-guarantee-scheme.

Quotes attributable to Minister for Housing and Homelessness Clare O’Neil:

"5 per cent deposits for all first home buyers will mean more people can get into their own home sooner.”

“The Albanese Labor Government is stepping up to level the playing field and back a new generation of first home buyers into the housing market.”

Quotes attributable to Member for Werriwa, Anne Stanley, MP:

“We want to help young people, and first home buyers achieve the dream of home ownership sooner.”

“From today, all first home buyers in Werriwa will be able to buy a home of their own with a deposit of just 5 per cent, while single parents only need a 2% deposit.

“This scheme will cut years off the time it takes to save for a deposit, and you won’t have to pay a single dollar in Mortgage Insurance.”

Media contact: Stella Karnib 02 8783 0977