The Greens say that the government needs to find a solution for first homebuyers who have been conned by Labor\u2019s 5% home deposit scheme – encouraged to maximise borrowing at the top of the market, and now pushed into unsustainable debt.<\/p>\n\n\n\n
The timing of Labor\u2019s interventions – getting first homebuyers into the market via the 5% deposit scheme, before making tax changes and letting inflation run wild, have cumulatively left first homebuyers at significant risk of negative equity.<\/p>\n\n\n\n
Currently, the primary beneficiary of the scheme is the banks – who benefit from selling more and larger mortgages with even higher risk.<\/p>\n\n\n\n
The Greens say that with interest rates rising and mortgages soaring, first homebuyers risk being forced out of their homes, left with significant debt and no home to show for it. <\/p>\n\n\n\n
Leader of the Australian Greens, Senator David Shoebridge:<\/strong><\/p>\n\n\n\n \u201cThanks to Labor, first homebuyers risk being forced out of their homes, left with significant debt and no home to show for it. <\/p>\n\n\n\n \u201cLabor created this problem and now they\u2019ve got to fix it.<\/p>\n\n\n\n \u201cAnthony Albanese has lured first home buyers into a scheme that\u2019s left them trapped in debt and facing losing their home. The only winner here is the banks.<\/p>\n\n\n\n \u201cHouse prices coming down will help more first homebuyers get into the market, once corporate profit fuelled interest rates come down – but Labor\u2019s inaction means the banks are winning while everyone else is paying the price.<\/p>\n\n\n\n \u201cLike all of Labor\u2019s housing schemes, this wasn\u2019t about helping people – it was a con to make it look like they\u2019re doing something while pushing up prices for investors selling at the top of the market.\u201d<\/p>\n\n\n\n Greens spokesperson for finance, housing and homelessness and Senator for South Australia, Barbara Pocock:\u00a0\u00a0<\/strong><\/p>\n\n\n\n \u201cLabor\u2019s 5% deposit scheme was reckless. It has encouraged some of our lowest paid workers to take out very large loans at the top of the market. And now they are at risk of negative equity and that\u2019s on Labor!<\/p>\n\n\n\n \u201cFirst homebuyers under this scheme have been conned into massive debts. As interest rates continue to rise, they\u2019re struggling to hold onto their home and risk owing the bank. Labor has screwed them.<\/p>\n\n\n\n \u201cThe government is letting corporate profit-driven inflation run wild, and it\u2019s renters and first homebuyers who are paying the price.<\/p>\n\n\n\n \u201cHouse prices need to fall if first homebuyers stand any chance of getting into the housing market. First homebuyers are typically in it for the long-haul, not a short-term investment. It\u2019s the government\u2019s responsibility to make sure first homebuyers drawn into Labor\u2019s 5% deposit scheme aren’t the ones paying the price.<\/p>\n\n\n\n \u201cThe Greens want Australia\u2019s big banks to be required to offer low-interest mortgages for first homebuyer owner occupiers so that more of their early repayments go to paying off the loan, not to bank profits. <\/p>\n\n\n\n \u201cOur large banks are amongst the most profitable in the world and they have been making money from the financial stress of Australians for too long. It\u2019s time the banks shouldered a fairer share of the costs facing younger generations entering home ownership.\u201d <\/p>\n","protected":false},"excerpt":{"rendered":" The Greens say that the government needs to find a solution for first homebuyers who have been conned by Labor\u2019s 5% home deposit scheme – encouraged to maximise borrowing at the top of the market, and now pushed into unsustainable debt. The timing of Labor\u2019s interventions – getting first homebuyers into the market via the … Continue reading “Gov must find solution for first homebuyers conned by Labor\u2019s 5% deposit scheme: Greens”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-41066","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/41066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=41066"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/41066\/revisions"}],"predecessor-version":[{"id":41067,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/41066\/revisions\/41067"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=41066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=41066"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=41066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}