27 September 2022

Two minute statement

I just want to take a moment to recognise the fantastic announcement from our Minister for Housing this week that regional Australians can count on the Albanese Labor government’s support to buy their first home, through the regional first home buyer guarantee. Labor made this election commitment to regional Australia, and we are delivering on it three months earlier than promised. From 1 October, 10,000 places will be available each financial year, through the regional first home buyer guarantee, to support regional first home buyers to purchase new or existing homes with a deposit of as little as five per cent.

Labor took this commitment to the election because we know how hard it is to buy a house in regional Australia. On average it takes over 11 years to save for a home in our regions. That’s why we are wasting no time in tackling this challenge. The Australian government will guarantee up to 15 per cent of the purchase price for eligible first-time buyers, allowing them to avoid the cost of mortgage insurance. I know many regional employers are desperate for more skilled workers, and they view the prohibitive price of housing as a significant barrier in attracting these workers to regional Australia. The regional first home buyer guarantee will improve accessibility to regional housing markets and allow more workers to stay in or move to our regions. This is all part of the Albanese Labor government’s broader vision for housing, including the establishment of a National Housing Supply and Affordability Council to increase housing supply and improve affordability.