00:00Peter wants to buy a home for his family.
00:05And there are houses in their area he thinks they could afford, except for the deposit.
00:11Saving up for a deposit is not easy, as you know, with the challenges of the cost of living.
00:16It's a problem the federal government says it's trying to solve.
00:19It's allowing first home buyers to get a loan with a 5% deposit.
00:24The government guarantees 15%.
00:26Its expanded scheme, launched last month, has unlimited places, no income limits and higher property price caps.
00:34Rather than them continuing to have to save to pay someone else's mortgage, they'll be paying off their own.
00:40Peter says his family, including three kids, lives comfortably, of his and his wife's work in disability and childcare.
00:48I work full time hours. My wife works full time hours. The money we earn is good.
00:54But as casual workers, they've been unable to secure finance as part of the 5% scheme.
01:00I feel like the government kind of ignores people like us. We're essential workers.
01:06Analysts say the revamped 5% scheme could fuel growing demand and rising prices in the so-called affordable edge of the market.
01:15They're definitely picking up. It's a busy time of the year. Everyone's feeling positive and we are too.
01:21The government says the scheme will only put prices up by half a percent over six years. Other estimates put it higher.
01:28The beneficiaries of those price increases are existing property owners.
01:31Howdy ho. How are we?
01:33For Leith, a single parent renting after a divorce, buying in his outer suburban area feels out of reach.
01:39That's even with the 5% scheme and his six-figure wage.
01:44Another bandaid goes on and it explodes again. It's a real problem.
01:48He says the conversation needs to shift towards things like longer leases for renters.
01:53The race to ownership is unsustainable in the long term.
01:58He's hoping for the day that finding a place to live stops feeling like a race.
02:03The race to celebrate the race.
