First Home Buyers Grant

[Valkie]

When I lived in St Ives (North Shore) in Sydney, back in the late 70s early 80s, houses were selling for $60,000! They are now worth $2 million plus. What happened?

Bob Hawke brought in a First Home Owner's Grant in the early 80s. It meant that you had to be a first home owner,(never been regardless) earn a certain amount (able to pay 25% of your income in Mortgage) and were limited to the cost of the house you could buy ... $60,000 if I remember correctly.

The basic need was that you got a 1st Mortgage from the Government at 4% interest for $28,000. Actual interest rate at that time was 12%. The interest rate increased, annually until it was level with the normal average rate of 12% ... at that time!

However, the interest rate did increase to 18.5% but, if I remember correctly, Hawke did stabilize those with Mortgages who had committed before 1985 to 12.5% .... which I had to pay.

I wasn't easy as I came to Canberra with a 5 year old daughter, a case full of clothes and a clapped out Ford 1967 Cortina ... oh and $300 in a savings account.

Do NOT ever tell me that you are poor and need more money from The Government!

It was a bull shite scheme.
I have no idea how you became eligible, I wasn't.
I was told I earned $18.00 too much a week, and that I woukd have to provide 18 months of records to prove I earned less.
This was designed to stop people taking cuts to be eligible.
The banks, on the other hand, woukd not lend me the money, because I didn't earn enough, even with the $18.00 a week too much.

It took me three hard years, working two jobs and a working through my holidays, to accrue sufficient funds to get a home loan.

Then the 18% cut in and I had to continue working two jobs to be able to live and pay the loan back.

It's only been the last 20 years I have been on good money and have plenty.
But for the first 20 years of my marriage, life was a struggle.
Thank you grubberment parasites.
All tgat time I have still paid an exorbitant amount of tax, so the parasites have enjoyed my efforts.

A pox on them all.