This paper points to the significant decline in the home ownership rates of younger Australians in the past 25 years. This is attributed to the effects of increased unemployment rates, increased income inequality and increased volatility in financial and asset markets. The paper suggests these changes have created a far riskier environment for funding housing and argues that significant changes will be needed in the form and provision of housing finance to prevent a reduction in the overall home ownership rate. Changes are needed in the nature of instruments used to finance housing, in the protection provided for borrowers and in the sources of funds used.