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Question Time: First Home Loan Deposit Scheme rollout
Ms FLINT (Boothby—Government Whip) (14:53): My question is to the Assistant Treasurer and Minister for Housing. Will the minister outline to the House how the Morrison government’s stable and certain economic plan is getting more Australians into their first home?
Mr SUKKAR (Deakin—Assistant Treasurer and Minister for Housing ) (14:53): I thank the member for Boothby for her question. She is a champion for first home buyers not just in her electorate but throughout South Australia. Since the re-election of the Morrison government we have seen a sustained improvement in the Australian housing market. We have seen sustained confidence improving in the Australian housing market. Pleasingly, that is being driven by first home buyers, who are confident in the economic plan of the Morrison government. It’s also worth adding that, without the spectre of Labor’s housing taxes on the agenda, confidence has rushed back into the market. Part of that though is our very successful implementation of the First Home Loan Deposit Scheme. From 1 January, 10,000 first home buyers—
Mr SUKKAR: each year are able to get into their first home with a deposit of as little as five per cent. On this side of the House we understand that one of the biggest challenges for first home buyers in purchasing their first property is getting that deposit together. In fact, in Melbourne it has been taking up to eight years for people to save for their deposit; in Sydney, up to 10 years.
Since that time—1 January, when the First Home Loan Deposit Scheme was launched—we have had 7,031 first home buyers sign up. Very pleasingly, the Prime Minister, the member for La Trobe and I had the wonderful opportunity to meet some of those 7,000 first home buyers just a few weeks ago. In fact, the Prime Minister and I met Lisa and her two beautiful primary school children. She told us that, by participating in the First Home Loan Deposit Scheme, she estimates that she was able to buy her first home four years ahead of when she would have otherwise. It was wonderful meeting Lisa and her family. There are thousands of those stories around the country.
The member for Boothby, who asked the question, might be pleased to know that in South Australia there are 282 successful first home buyers under this scheme; in New South Wales, over 2,000; in Queensland, 1,200; in Victoria, nearly 1,500; and in Western Australia, nearly 300. Throughout Australia there are 7,000 people able to get into their first home because of the work of the Morrison government. It is bringing forward their purchase by many years. There are 27 lenders who offer guaranteed loans. There are two large banks and 25 smaller lenders to make sure that this gets coverage across the country.
The Liberal and National parties are the parties of first home buyers and homeownership. We are the greatest friends of first home buyers. The First Home Loan Deposit Scheme will continue to support first home buyers in Australia.