More than 250,000 Australians supported into their own home under Labor

The Albanese Labor Government has now helped more than 250,000 Australians buy a home through the 5% Deposit Scheme, helping a new generation of Australians get into home ownership.

This has helped Australians save more than $2.3 billion on Lenders Mortgage Insurance costs and taken years off the time it takes to get into a home.

This milestone builds on the Government's housing plan announced in the Budget to build more homes, make the tax system fairer and help more Australians realise the dream of home ownership with reforms to negative gearing and the capital gains tax.

For too long, too many Australians have worked hard, done all the right things, and still felt locked out of home ownership.

That's why the Albanese Labor Government is focused on tackling the housing challenge from every responsible angle: helping Australians buy a home, building more homes more quickly, getting renters a better deal and making the housing system fairer for younger Australians trying to get ahead.

Since coming to office, the Government has helped more than 250,000 Australians into home ownership, including more than 172,000 Australians in metro areas, and more than 81,000 Australians across regional and remote Australia.

Labor's plan for a housing system that works for Australians

• Helping Australians buy a home: We're levelling the playing field for first home buyers and making the tax system fairer by helping more Australians buy their own home. Combined with our 5% Deposit Scheme and our Help to Buy shared equity scheme, we're shifting the scales in favour of aspiring first home buyers.
• Building more homes, more quickly: We're tackling the housing shortage from every angle - investing a further $2 billion in enabling infrastructure, bringing our total housing infrastructure investment to $6.3 billion. We're speeding up housing approvals and cutting red tape, and increasing the skilled construction workforce.
• Banning foreign investors from buying existing homes: We're extending the ban on foreign investors buying existing homes until mid-2029, helping more Australians into homes.
• Making renting fairer and more affordable: We're continuing our work with the states and territories to get renters a better deal by strengthening renter protections and expanding long-term rental supply. We have also boosted Commonwealth Rent Assistance by more than 50 per cent.
• Backing Australians doing it toughest: We're supporting at risk young people to get into secure housing with a $60 million investment to help young people at risk of homelessness and we're continuing to deliver more social and affordable homes through the Housing Australia Future Fund.

This milestone shows Labor remains the party of home ownership, and the party of aspiring homeowners.

Attributable to the Prime Minister:

"We are making it easier and fairer for young Australians to buy their first home.

"Our 5 per cent deposits have now helped 250,000 first home buyers get into the housing market.

"This is helping people into home ownership sooner, while saving them money along the way.

"This year's Budget is helping 75,000 more Australians into their first home by making the tax rules fairer and by building more homes.

"We're delivering more tax cuts, giving people a fair crack at buying their first home, and an economy that works for Australians, businesses and future generations."

Attributable to the Treasurer, Jim Chalmers:

"This Budget delivers more homes and a fairer go for first home buyers.

"Whether it's five per cent deposits, more help for first homebuyers or by building more homes, we're coming at this housing challenge from every responsible angle.

"We know it's too hard for too many Australians to buy their own home and get ahead and that's why we're investing in housing supply, making our tax system fairer and putting first home buyers ahead of foreign investors."

Attributable to Minister for Housing, Clare O'Neil:

"We know that the housing system feels stacked against first home buyers so we're levelling the playing field and building more homes.

"I don't care what your politics is, 250,000 first homebuyers is a staggering number of people to have helped into homeownership, and there are thousands more to come.

"We want more homes and more home owners, and that's what we're working to deliver."