First home buyers ‘suffocating’ without help

, the government announced it was extending access to the downsizer scheme by reducing the minimum age requirement from 65 to 60.

“This means motivated downsizers aged 60 to 64 may wait for the scheme to come into effect before selling, and any impact of increased listings as a result would only impact the housing market then,” she said. “The older you are the harder it is to get people to move so bringing the age forward is a good thing,” he told news.com.au.

“When you are looking to sell, those people who don’t have a mortgage and don’t have any financial need to sell, they can afford to wait for the market to get better, so it’s not surprising there has been not much take up of this as the property market was relatively weak,” he said. “Around 55 per cent of those who have used the downsizer contribution to date are women, and 73 per cent have balances less than $500,000,” the paper said.New and enhanced policies aimed at helping first home buyer access the market were also announced in the budget.

In Melbourne, a two bedroom unit median is $520,000 with three bedroom unit median asking prices at $585,000. “The same borrowings at a 2 per cent deposit would amount to around $145,000 in interest. Taking on more debt may still be worthwhile if the borrower is otherwise spending tens of thousands of dollars on each year on rent,” she said.

Source: Real Estate Daily Report (realestatedailyreport.net)

This doesn’t help when you have the millionaire migrant scheme buying up property and inflating costs. This government and the big four banks are criminal

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