The “real answer” to Australia’s housing affordability crisis is building “more homes, more quickly”, Housing Minister Clare O’Neil says as the 5 per cent deposit scheme for first-home buyers kicks in. Labor followed through with its election promise to expand the Home Guarantee Scheme earlier this year, dropping required deposits from 20 per cent. But Housing Minister Clare O’Neil on Wednesday insisted the move would help “the younger generation” and brushed off worries property prices will soar. Housing Minister Clare O’Neil says the expanded Home Guarantee Scheme will help younger Australians get onto the property ladder. Advertisement AdvertisementAdvertisement Advertisement“Our government is doing that.”But building approvals have only continued to slump, according to the latest official figures.