The great Australian dream for many decades has been homeownership. Owning the home you live in ensures your kids have certainty of the school they attend; getting work is easier, and you can hang a picture on the wall without the threat of losing your bond. One of the biggest barriers to homeownership, aside from supply, is being able to save for a deposit. If you can't save a substantial amount, you're also slugged with lenders mortgage insurance. But, from 1 October this year, the Albanese government will ensure that all first home buyers will only need a five per cent deposit, with no mortgage insurance. The loan will be an owner-occupied loan with principal and interest payments from the participating lender for up to 30 years. Werriwa has already seen 170 homeowners access loans under the Home Guarantee Scheme. This new initiative will provide opportunities for so many more families to be able to purchase their home and join our communities in Werriwa.

This is not the only thing this government has done to assist people into housing. We have paused the National Construction Code and are fast-tracking 26,000 homes stuck in the approval process, and that's building more social and affordable housing and also build-to-rent. We've invested over $43 billion in the Homes for Australia plan. This government knows that Australians should be able to purchase their homes and is supporting first home owners to do it.

Link to Hansard: Full Speech