Divorce - There Goes Half
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It's the Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia.
And welcome to another episode of the Real Estate Podcast, available on iHeartRadio, also on Spotify and Apple Podcasts, or wherever you get your podcasts from. Well, it's a Tuesday, the 5th of April for 2022. And a national shared equity scheme we recently talked about, and we've got coming up the second part of that conversation. Home ownership is falling fast among poorer Australians of all ages. And within living memory, it used to be that all Australians had a reasonable chance to own a home. But that landscape has changed so dramatically, it's beyond recognition in most cases. So a national shared equity scheme would help level the playing field for all first home buyers. And we're going to be talking with Brendan Coates again in just a moment.
But first, let's check out today's weather forecast.
It's the main centre forecast with propertybuyer.com.au.
And looking at Sydney first, a mainly fine day. Possibility, though, of a shower in 25 degrees. Melbourne partly cloudy with 20 degrees. In Brisbane, bright sunshine with 30. And Perth expecting a fine day with 27 degrees.
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Let's welcome back Brendan Coates, the Economic Policy Programme Director at Grattan Institute. Good morning there. Welcome back, Brendan. Hello again. And yeah, we were talking about this shared scheme, the National Shared Equity Scheme would help younger Australians get into the housing market faster. And one of the important things I thought was worth talking about was other first home buyers may use the scheme to secure a larger home.
What is the National Shared Equity Scheme and why is it being revisited in part two?
So talk a little bit about that.
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.
And talking about those older Australians who rent, have more than enough savings for a deposit but can't buy because they won't stay in the workforce long enough to pay off the mortgage by the time that they retire. Now, tell us a little bit more about that in terms of what sort of deposit that they would need, etc.
? 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.
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