Homeownership in Australia is declining, with the biggest drop happening for young people. But the good news to come out of the Federal Budget this week is that the Government has added an extra 10,000 places to its First Home Loan Deposit Scheme which allows singles or couples to buy their first home with a deposit of only five per cent and the government acting as guarantor for the loan. This gets rid of the need for lender's mortgage insurance.

 

Today we’re joined by Federal Minister for Housing Michael Sukkar to talk us through how the scheme works, and Brendan Coates from The Grattan Institute on whether he thinks the scheme will be enough to get young people into the housing market

 

In today's news headlines:

• Labor throws support behind tax cuts
• Some Uni course fees set climb after a minor party signed off on planned reforms
• Spike in Overseas Covid cases, while new cases in NSW cast doubt on QLD border to be reopened.

 

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