Summary

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The majority voted against an amendment introduced by Tasmanian Senator Nick McKim, which means it failed.

Senator McKim explained the purpose of this amendment:

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.

Votes Not passed by a modest majority

Nobody rebelled against their party.

Party Votes
Australian Greens (100% turnout) 9 Yes 0 No
Mehreen Faruqi NSW Yes
Sarah Hanson-Young SA Yes
Nick McKim Tasmania Yes
Janet Rice Victoria Yes
Rachel Siewert WA Yes
Jordon Steele-John WA Yes
Lidia Thorpe Victoria Yes
Larissa Waters Queensland Yes
Peter Whish-Wilson Tasmania Yes
Australian Labor Party (8.0% turnout) 0 Yes 2 No
Jenny McAllister NSW No
Anne Urquhart Tasmania No
Tim Ayres NSW Absent
Catryna Bilyk Tasmania Absent
Carol Brown Tasmania Absent
Kim Carr Victoria Absent
Anthony Chisholm Queensland Absent
Raff Ciccone Victoria Absent
Patrick Dodson WA Absent
Don Farrell SA Absent
Alex Gallacher SA Absent
Katy Gallagher ACT Absent
Nita Green Queensland Absent
Kristina Keneally NSW Absent
Kimberley Kitching Victoria Absent
Malarndirri McCarthy NT Absent
Deborah O'Neill NSW Absent
Helen Polley Tasmania Absent
Louise Pratt WA Absent
Tony Sheldon NSW Absent
Marielle Smith SA Absent
Glenn Sterle WA Absent
Jess Walsh Victoria Absent
Murray Watt Queensland Absent
Penny Wong SA Absent
Stirling Griff SA Centre Alliance Absent
Sam McMahon NT Country Liberal Party No
Sue Lines WA Deputy President Absent
Rex Patrick SA Independent Yes
Jacqui Lambie Tasmania Jacqui Lambie Network Absent
Liberal National Party (100% turnout) 0 Yes 2 No
Matthew Canavan Queensland No
James McGrath Queensland No
Liberal Party (69% turnout) 0 Yes 20 No
Eric Abetz Tasmania No
Alex Antic SA No
Andrew Bragg NSW No
Michaelia Cash WA No
Richard Colbeck Tasmania No
Jonathon Duniam Tasmania No
David Fawcett SA No
Concetta Fierravanti-Wells NSW No
Hollie Hughes NSW No
Jane Hume Victoria No
Andrew McLachlan SA No
Matt O'Sullivan WA No
James Paterson Victoria No
Gerard Rennick Queensland No
Anne Ruston SA No
Paul Scarr Queensland No
Ben Small WA No
Dean Smith WA No
Amanda Stoker Queensland No
David Van Victoria No
Wendy Askew Tasmania Absent
Simon Birmingham SA Absent
Slade Brockman WA Absent
Claire Chandler Tasmania Absent
Sarah Henderson Victoria Absent
Jim Molan NSW Absent
Marise Payne NSW Absent
Linda Reynolds WA Absent
Zed Seselja ACT Absent
National Party (67% turnout) 0 Yes 2 No
Perin Davey NSW No
Bridget McKenzie Victoria No
Susan McDonald Queensland Absent
Pauline Hanson's One Nation Party (0.0% turnout) Absent
Pauline Hanson Queensland Absent
Malcolm Roberts Queensland Absent
Scott Ryan Victoria President Absent
Totals (49% turnout) 10 Yes – 27 No