Government's 5% deposit scheme to be expanded from October

ABC NEWS (Australia)

All first home buyers, regardless of income, will soon have access to the government scheme allowing them to purchase a property with just a five percent deposit. The expanded scheme will begin in October despite warnings it could further increase house prices.

Transcript

00:00The Prime Minister is on a charm offensive

00:05hoping to win over younger Australians and would-be homebuyers.

00:09You've got gorgeous eyes.

00:11Oh, thank you.

00:13You're talking to me.

00:15For a second day honing in on housing,

00:18announcing plans to accelerate the expansion

00:21of the First Home Guarantee Scheme

00:23that helped this Canberra couple purchase their first property.

00:27It's faster and easier for the young people around our country

00:31to get their foothold on the property ladder.

00:33From the 1st of October, the scheme's being expanded

00:36to include all First Home Buyers,

00:38allowing them to buy a house with just a 5% deposit

00:41and avoid paying lenders' mortgage insurance.

00:44It is perverse and bizarre that the children are billionaires

00:49will now have access to a government insurance scheme.

00:52Labor bringing forward the start date

00:54and lifting the caps on the properties that can be purchased

00:57to $1.5 million in Sydney,

00:59a million dollars in Brisbane and Canberra,

01:01$950,000 in Melbourne

01:04and just shy of that in Adelaide, Perth and Hobart.

01:07Treasury predicting it'll push up property prices by half a percent.

01:12A concern shared by the Greens.

01:14When we assist demand, we drive up housing prices

01:17and we make the crisis worse.

01:19What it does is make sure that we get more people into the market.

01:23So you've got to look at nothing in isolation.

01:25Barnaby Joyce is looking for company with his push

01:28to scrap Australia's net zero climate target.

01:31I'm happy to fight this for as long as it takes.

01:34Labor allowing debate on his private members' bill

01:36despite the fact it's destined to fail.

01:39While the coalition's divided over whether to abandon the 2050 target,

01:43Labor is weeks away from unveiling Australia's next emissions reduction target for 2035.

01:49The government's key advisory body has previously set

01:52a target of between 65 and 75 per cent could be achievable.

01:57The Minister suggesting today Cabinet might not settle on a figure

02:01but rather a range.

02:03Some countries have set ranges and some countries have set exact numbers.

02:06His level of ambition about to be tested.

02:13I think, No doubt is.

02:15But they're frustrating that,

02:17by the way they will initially oui,

02:21they all have created a big difference between branding and them.

02:24It's a challenge that the Sellers can win the producing

02:25of their cities in North America at the university as well.

02:26They're many of them getting up,

02:27they're carrying out,

02:28and so they're still trying better than theなatingiritu cycle.

02:30Even though they're in szermering forces in worship to the top

02:31of the New Eden Ты smashing the place of the South America.

02:33But with the loudest cereal market,

02:35eremiahcoldassa and partners with an example.

02:38They've come back fast.

02:39Manuelcoldsiny of ladies andковились

02:39nothing but without football where they're attending

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