Our federal playland in Canberra may have a new lessee in two weeks. Preferences will decide if Albo is our new PM with an assist from the Greens or if Clive and Hanson’s continued climb up the charts will hand the Coalition another victory and keep Morrison in power.
Do homeowner grants affect your vote? Here’s the lowdown - more to come from Labor and Greens
LIBERAL PARTY - A re-elected Coalition Government says they will:
• Help more first home buyers get over the deposit hurdle by raising the number of low-deposit guarantees for first home buyers to 35,000 each financial year.
• Deliver increased property price caps for the Home Guarantee Scheme to ensure Australians can continue to have a choice when purchasing their home.
• Increase the supply of new homes in regional areas by incentivising the purchase of new-build homes – providing 10,000 low deposit guarantees each financial year for those moving to, or within, regional areas. This includes non-first home buyers and permanent residents.
• Expand homeownership opportunities for single-parent families by increasing the number of low-deposit guarantees for single-parent families to buy a home (with a deposit of as little as 2 per cent) to 5,000 each financial year.
• Support greater investment into affordable housing with an additional $2 billion in low-cost financing for social and affordable dwellings. This brings total low-cost financing to $5.5 billion, supporting around 27,500 dwellings.
• Expand support for first-time buyers by more than tripling the number of low-deposit guarantees to buy a home (with as little as 5 per cent deposit) to 35,000 guarantees each financial year.
• Establish the Regional Home Guarantee to incentivise the purchase or construction of homes in regional areas by providing 10,000 low-deposit guarantees with a deposit as low as 5 per cent each financial year for those moving to, or within, regional areas, including non-first home buyers and permanent residents commencing 1 October 2022.
• Expand homeownership opportunities for single-parent families by increasing the number of low deposit guarantees for single-parent families to buy a home (with as little as 2 per cent deposit) to 5,000 each financial year.
• To participate, borrowers will still have to meet the usual loan and repayment assessments from their financial institutions. This ensures that home buyers are protected against entering into a loan arrangement that could result in substantial hardship. The income caps ($125,000 per annum for individuals and $200,000 per annum for couples) will continue.
• Provide an extra $2 billion in low-cost financing to the Government’s National Housing Finance and Investment Corporation’s (NHFIC) Affordable Housing Bond Aggregator to support more social and affordable housing. This will bring total low-cost financing to $5.5 billion, supporting around 27,500 dwellings.
• Extend Indigenous Business Australia’s Indigenous Home Ownership Program at a cost of $7.7 million. This will support 1,000 jobs in regional Australia and support Indigenous families to access home loans to either enter the housing market or build their own homes. This will build on the more than 3,700 loans already provided.
LABOR PARTY - An-elected Labor Government says they will:
• The Help to Buy Scheme would cover up to 30 per cent of the price for existing properties and 40 per cent for new builds. • The scheme available to singles earning under $90,000 and $120,000 for couples, capped 10,000 places yearly.
• No rent on the portion of owned by the government. Government will recoup its money, plus its share of the capital gain, when property is sold.
• Homebuyers need a 2 per cent deposit and qualify for a home loan with a participating lender to finance the difference of the home. • Not required to pay lenders mortgage insurance (LMI) and wouldn’t need to be a first home buyer, but not already own property at the time of purchase.
• 10,000 first home buyers a year in regional Australia to buy a home. First home buyers will save up to $32,000 in mortgage insurance and be able to secure a home with a deposit as low as 5 per cent – with the government guaranteeing up to 15 per cent of the purchase price.
• In Sydney and NSW regional centres, the property price would be capped at $950,000 and could save homebuyers up to $380,000 on a new house and $285,000 on an existing house.
• In Melbourne and Victorian regional centres, the property price cap of $850,000 would save people $340,000 on a new house and $255,000 on an existing house.
• People would be able to buy out the government’s stake of the house over time. Labor has previously promised a $10 billion fund to invest in social housing by putting money into a new Housing Australia Future Fund.
• Labor’s First Home Buyer Support Scheme will start in January 2023 and cost $12.1m to the end of 2024-25.
• Labor will also improve the operation of the current scheme by reviewing and updating the price caps on a six-monthly basis and improving the process of reallocating unused guarantees.
The Labor leader (if he remembers) will unveil a $329m housing initiative in Perth this Sunday.
THE GREENS - An elected Greens Government says they will:
• Intro The One Million Homes Scheme
• New investment in public housing. 750,000 new sustainable and accessible public and community homes will be built over 20 years.
• Help renters become homeowners.
• 125,000 homes will be built for purchase for $300,000. With a small deposit, you can move in and have shared ownership straight away. All homes will be owner-occupied.
• All homes are owner-occupied and you’ll be able to own up to 75% equity in any given property.
• Sell your share back to the government, and walk away with a return on the money you have invested.
• Tax the billionaires and the big corporations, and use the money to build one million new affordable, high-quality homes. 125,000 of these will be available to first-home buyers.
• The Greens’ new innovative shared equity ownership scheme will make it easier for people to own their first home where they want to live for $300,000.
• These dwellings including the public and community homes, shared ownership homes, and universal-access rentals. • The Greens will push to establish a Federal Housing Trust.
• The Greens are just a few hundred votes from the balance of power. In the balance of power, we will fight for our plan to build a million new affordable, high-quality and sustainable homes.
The best thing is that all parties have a deep focus on the issues within the housing sector. It’s an all-around shit-show and needs severe investment and significant policy changes to make a real difference.
It’s a tough call on who will run the country next month but let’s make sure they stick to promises and do something for renters that makes a positive difference.
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Until next time and thanks for yours!