Brendan Coates
speaker
226 appearances
4 recordings
1 series
first heard Feb 2022
last heard Apr 2022
Brendan Coates’s voice in public audio — every appearance, attributed to the second.
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Appearances
Particularly probably in regional areas where housing is cheaper, instead of buying that first house that's on the step ladder to getting the house that you want to live in permanently, it would probably allow some first home buyers to jump, to jump to that second larger house.
knowing that they can then stay in that house for a long time, avoid paying stamp duty a second time because we know that stamp duty is expensive and stamp duty rates have increased over time.
So, you know, people are spending, you know, half their annual income or more paying stamp duty when they purchase a house.
To do that twice is very costly.
So it'll allow people to jump straight to that second property and then be in that family home that would suit them to have their family, to have children.
and not have to move again and wear that second hit.
That is obviously one way that the scheme would help Australians to better secure home ownership.
It would obviously also help those that genuinely won't otherwise get into the market at all because they have relatively low incomes or they're particularly, you know, fairly risk adverse because they don't have family money to sort of to help them if they find themselves falling on hard times, safe interest rates rise.
Those first home buyers that would never otherwise get into the market, it'll also help
them and therefore boost rates of home ownership in Australia.
?
The problem for first-home buyers, younger people, is typically the deposit.
For older Australians, and this can be people who have never bought before but have some savings because they're, say, in their 40s, they've got some savings but for whatever reason have never accumulated enough to buy a house.
Or if you're in the case of people who are particularly older women who have separated and lost their home, they're then in a situation where they don't have enough years left in the workforce to be able to pay off a home by the time they retire.
So that's why when we see home ownership has fallen for younger Australians, but it's also falling for older Australians, those in their 50s, 40s, and even into their 60s that are on low incomes.
Those people without some sort of support are not going to end up in home ownership because they're not going to be in the workforce long enough.
So what this scheme would do is it reduces the size of the loan you need to take out if you're in that situation to buy a home.
Because say you might have $200,000 in savings or $150,000 or whatnot and you want to buy, say, a home for $500,000 or $600,000, you'd normally have to take out a loan for the remaining $450,000 and you won't be in the workforce long enough for a bank to give you that loan and confident you're going to pay it off when you retire in, say, 15 years' time.
But instead, you have to take out a much smaller loan because the government owns 30% of the property.
So, you're up for a smaller loan and you can be more confident you can pay that loan off by the time you retire.
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