Scotty from marketing is in full soundbite mode as polling shows a decimation of the Coalition come this time next week. Minutes ago, on AM with @SabraLane, the PM was side-stepping the outcome that his new housing policy offer of utilising your superannuation cash would increase house and unit prices across the country.

 

 

superannuation-house

 

 

Will a super expensive home buy your vote?

 

 

As the newer Libs toe the line and spruik the benefits of Scomo's response to the Labor party housing proposal, the older pack of Libs, MPs and retired PMs do not precisely agree with Scott Morrison's plans.

 

 

Lib senators are already backing down not even a day after, agreeing that, at the very least in the short term, it will cause house prices to go up. Not a new policy by any stretch; more, throw an old failed one at a forgetful electorate and see if it sticks.

 

 

 

Who can get it?

 

 

 

Historically a bad idea, but now a good idea only a week from the election?

 

 

Only first-home buyers can access super for housing and have saved a 5% deposit for the home without using their super yet. Invested amounts need to go back to your superannuation fund, including any capital gains after a sale of the property.

 

 

Here are some Liberal Party folks discussing and addressing this new policy's outcomes if the Coalition gets re-elected.

 

 

Industry Super says accessing super could add up to 16%, or $134,000, to a home in Sydney, while Melbourne's estimated rise is around $55,000 and Brisbane $35,000.

 

Malcolm Turnbull called super for housing a "thoroughly bad" idea in 2016.

 

Costello and Hockey said super for housing was "a dumb idea that would blow up the housing market."

 

Mathias Cormann, "Increasing the amount of money going into real estate by facilitating access to super savings pre-retirement will not improve housing affordability. It would increase demand for housing and would drive-up house prices by more." – finance minister in 2014.

 

And Labor's Paul Keating states, "Another frontal assault by the Liberal party on the superannuation system. Liberals hate the superannuation system – they object to working Australians having wealth in retirement independent of the government.

The Libs believe ordinary bods should be happy with the age pension. Let them know their place. If the public needs yet another idea to put this intellectually corrupt government to death, this is an important offence – and with the government, its unprincipled prime minister."

 

In response to Albanese and the Labor Party's shared ownership scheme, which has some significant issues too, the Libs, out of desperation, have sent out a housing policy that looks to fail once again. Labor is selling us a commonwealth equity contribution of up to 40% for a new home and 30% for a pre-existing residence.

 

Labor unveiled their $329m housing initiative

 

Albanese's launch states that the new homeownership program addresses the affordability crisis by cutting the mortgage cost by up to $380,000 in some parts of the country.

 

Labor – Help to Buy

Eligible buyers require a deposit of 2% and must qualify for a loan through specific lenders to finance their purchase—a taxable income of up to $90,000 for singles and $120,000 for couples.

 

Modelled on the UK and in Western Australia's Keystart Scheme, the program will supply the government with funding once the equity and capital gains return on any property sale.

 

It's a tough sell for both sides of politics as we head to the sausage fest and voting booth this Saturday.

 

Who will win? Will anyone win at all?

 

Most talking heads agree that we may not know the outcome till Monday and are heading for a hung parliament.

 

Some predict a Labor landslide of Trumpian proportions, and others are praying for another Morrison miracle.

 

This time next week will answer all.

 

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Sam Bloch

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Sam Bloch

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