Division
The majority voted against an [amendment](https://www.openaustralia.org.au/senate/?id=2021-06-22.252.1) introduced by Tasmanian Senator [Nick McKim](https://theyvoteforyou.org.au/people/senate/tasmania/nick_mckim), which means it failed. Senator McKim explained the [purpose of this amendment](https://www.openaustralia.org.au/senate/?gid=2021-06-22.249.1): > *This amendment would establish in legislation, rather than leaving it to regulation, a minimum deposit requirement for the purchaser for all loans guaranteed by the National Housing Finance and Investment Corporation. This amendment would set the minimum deposit requirement at five per cent, which is the current level set under the First Home Loan Deposit Scheme. Loans issued with less than a five per cent deposit are also tracked by APRA as an indicator of high-risk lending. By the prudential regulator's own measure, the Family Home Guarantee as proposed by the government, requiring a mere two per cent deposit for single parents, will encourage and increase higher risk spending.* ### Amendment text > *(1) Schedule 2, page 5 (after line 8), at the end of the Schedule, add:* > > *2 At the end of section 51* > > *Add:* > > *Limit on guarantee* > > *(4) The Commonwealth must not guarantee a loan for which the deposit paid by the borrower or borrowers is less than 5 per cent of the value of the residential property.*
Senate, 2021-06-22. negative: ayes 10, noes 27.
Question
The majority voted against an [amendment](https://www.openaustralia.org.au/senate/?id=2021-06-22.252.1) introduced by Tasmanian Senator [Nick McKim](https://theyvoteforyou.org.au/people/senate/tasmania/nick_mckim), which means it failed. Senator McKim explained the [purpose of this amendment](https://www.openaustralia.org.au/senate/?gid=2021-06-22.249.1): > *This amendment would establish in legislation, rather than leaving it to regulation, a minimum deposit requirement for the purchaser for all loans guaranteed by the National Housing Finance and Investment Corporation. This amendment would set the minimum deposit requirement at five per cent, which is the current level set under the First Home Loan Deposit Scheme. Loans issued with less than a five per cent deposit are also tracked by APRA as an indicator of high-risk lending. By the prudential regulator's own measure, the Family Home Guarantee as proposed by the government, requiring a mere two per cent deposit for single parents, will encourage and increase higher risk spending.* ### Amendment text > *(1) Schedule 2, page 5 (after line 8), at the end of the Schedule, add:* > > *2 At the end of section 51* > > *Add:* > > *Limit on guarantee* > > *(4) The Commonwealth must not guarantee a loan for which the deposit paid by the borrower or borrowers is less than 5 per cent of the value of the residential property.*
How each member voted
Per-member votes are not present in this static export. Consult the original division record.
Related bills
Only formal divisions leave a per-member record. A procedural vote is not necessarily a vote for or against a bill.