First Home Buyers Grant

[billy the kid]

https://www.news.com.au/finance/economy ... c43730659a

Let me get my head around this.
Both major parties are spruiking about this policy.
Apparently Morrison is going to promise first home buyers the government will give three quarters of the 20%
deposit required by Banks to secure a home loan. This policy is going to be matched by Shorten.
The catch with Morrisons policy is that it only applies to the first 10,000 applicants....

Lets do the maths...
Say a house sells for $500,000.
20% normal deposit required therefore is $100,000
This means that a first home buyer with a salary of less than $125K or couple with a combined
salary of less than $200K will qualify for the grant if they stump up $25K.....20% of $500K = $100K less the Government "grant"
Government pays the first 15%...borrowers pay the remaining 5%....
The government says that it will stump up the other three quarters of the $100,000 which equates to $75,000

Thats a bullshit policy.
How can a government, whether it be Morrisons government or Shortens government give away
$75K to borrowers for every $500K borrowed....
And to give that money away to 10,000 borrowers.....
This is just bullshit........
How can first home buyers be gifted $75,000 on a half million dollar property, and then be left with a mortgage
of $400,000.
This is just madness....particularly if the housing market continues to slump, creating a negative equity
for all the poor suckers who were "given" the $75K grant.....
Sure, first home buyers need a leg up...but not such a ludicrous amount...
Both parties are just throwing crazy policies around, and the amounts are just stupid...plain bloody stupid......
Obviously if the purchase price is lower, the numbers reduce....but the policy is still a stupid policy.....

[Texan]

That will just about cover the politician’s kids.

[LEFTWINGER supreme]

Morrison the socialist, wait what

[cods]

Bill will now make the first home FREE.....

lets face it this generation will never be self sufficient they simply have had everything too easy..

and look at them not one of them is grateful or satisfied......

[billy the kid]

I wonder how many millenials would have the smarts to buy a joint for half a mill..get the $75K
and then sell the joint for half a mill (if they could) and pocket the $75K....quick profit compliments
of the Australian Government....

[Redneck]

I wonder how many millenials would have the smarts to buy a joint for half a mill..get the $75K
and then sell the joint for half a mill (if they could) and pocket the $75K....quick profit compliments
of the Australian Government....

Nah I am pretty sure they will owe it to the government!

Has to be paid back ultimately!

[billy the kid]

I wonder how many millenials would have the smarts to buy a joint for half a mill..get the $75K
and then sell the joint for half a mill (if they could) and pocket the $75K....quick profit compliments
of the Australian Government....

Nah I am pretty sure they will owe it to the government!

Has to be paid back ultimately!

Paid back...?...am I missing something....

[Black Orchid]

In the 1970s Sydney house prices were almost 6 times the average annual income. In 2018 Sydney house prices were 13 times that of the average annual income. Now it takes typically 9.1 years to save for a deposit whilst all the while paying ridiculously rising rental rates.

I don't see that as having things too easy. Quite the reverse in my eyes.

[billy the kid]

In the 1970s Sydney house prices were almost 6 times the average annual income. In 2018 Sydney house prices were 13 times that of the average annual income. Now it takes typically 9.1 years to save for a deposit whilst all the while paying ridiculously rising rental rates.

I don't see that as having things too easy. Quite the reverse in my eyes.

Yep...my two grandchildren in their 20s...probably will never own their own homes...
In comparison, my homes savings grant was $750 and I had to borrow on a life insurance policy as well to
buy my first home...I walked into the place with seven dollars in my pocket and was fortunate
to have enough petrol in the car to last me to pay day....
Times have changed for the worst....

[Texan]

My 25 year old son bought a house last year for about $90k. It's just a small older house in Wichita KS, but it has 3 bedrooms, 1 bath, a full basement and a 2 car detached garage. Veterans can get loans for 0% down. I think he is paying about 4.5% interest.

In 2003, I bought my house for $155k. It's a 4BR/2 BA/2 car garage with an additional 2 car carport on 1 acre. The lot is about 60M x 70M. I refinanced for a 15 year loan at 2.75% interest. It appraises at $279k now and will be paid off in about 4-5 years. We all have similar lots and there is only one entrance into the neighborhood. Nobody parks on the street and we don't have to pay city taxes. We all look after each other. I live 30 minutes from downtown Dallas in a neighboring county.

Several years ago, one of our neighbors won a catered block party with a live band from a local radio station. We started an annual tradition to have a party on Independence Day. Local police and fire lead a lawn tractor parade around the neighborhood. We throw candy to all of the kids as we drive by and end up at a neighbor's house. We bring food and drink, swim in the pool, and shoot fireworks after dark if the weather is not too dry. It's a good chance to get to know new neighbors.