Background:
Today the Coalition have announced that if elected they will relax home lending rules allowing borrowers to take on more debt, against the urging of APRA.
The Greens say this policy will further drive up house prices, create more debt for households and profits for the banks, and do nothing to tackle housing affordability.
The Coalition’s super for housing policy will already mean a 10% increase on soaring house prices, and this will drive those prices up even further.
The Greens will scrap the $176 billion in tax handouts for property investors over the coming decade, and use the savings to invest in their plan for a public property developer to build 610,000 homes over the decade at prices people can actually afford.
Lines attributable to Max Chandler-Mather, Greens spokesperson on Housing and homelessness:
“Forcing young people to take on massive debts they can’t afford will just generate extra profits for the big banks. It is not a solution to the housing crisis. It’s a disaster waiting to happen.”
“The Prime Minister and the Opposition Leader were able to buy homes when they were young without taking on million-dollar mortgages, and all the Greens are saying is that this generation should be able to do the same.”
“If the major parties were serious about home ownership they would stop turbo charging house prices, by scrapping negative gearing and the capital gains tax discount for property investors with multiple homes. Coordinate nationwide caps on rent increases, so renters can actually afford to save for a deposit in the first place. And set up a government developer to build and sell homes at prices first home buyers can actually afford. “
“By electing more Greens we can keep Dutton out and get Labor to act on the housing crisis.”