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"Let the First Home Vendors Grant die" by Steve Keen

Posted by on in Political Blindness
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 on at 8:49 am

Last week, several newspapers ran a story in which the Labor Opposition criticised the New South Wales Liberal government because the number of first home buyers had plunged after the first home owner’s grant was ended for existing homes. A photo of acting Opposition leader Linda Burney looking out sternly and sincerely accompanied the article, as she intoned in The Sydney Morning Herald’s text that the Liberals had abandoned first home buyers:

“The acting Opposition Leader, Linda Burney, said this decision and the axing of stamp duty exemptions for first home buyers of existing homes from December 31, 2011, meant the New South Wales government had ‘abandoned first home buyers’.

“’These figures clearly show [Premier] Barry O’Farrell has locked first home buyers out of the property market with his cuts to stamp duty exemptions and first home buyer bonuses,” she said. ”The worst loan approvals for first home buyers in 20 years should be a wake-up call for the O’Farrell government. Their approach clearly isn’t working’.”

What bollocks. First home buyers weren’t locked out by the ending of the first home vendors’ grant: they were locked out by the impossibly high prices that this grant has helped generate over the 30 years since it was first invented. And its purpose has never been to give first home buyers a helping hand: it has always been used as a way of giving the economy the economic equivalent of a steroid injection. First home buyers have instead been the sacrificial lambs of an asset-price-inflation route to apparent national prosperity.


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  • doyla66
    doyla66 Friday, 01 February 2013

    What bollocks indeed. What a fool Linda Burney really is. Initially, I couldn't understand WHY any Government would give away TAXPAYERS money/OUR money, to induce (entrap) people into buying houses that were too highly priced & that they can't afford.

    Now I know why.
    The Government has been doing this for years to keep property prices artificially high, so then first time buyers (and other buyers trading up) then go to the BANKS and borrow even more money.
    This in turn entraps the borrowers into a spiral of never ending debt for the buyers and a massive income stream for the banks and their executives, for a very long time.

    The BANKS & their top executives grow very rich.
    (Only the top executives mind you, the rest of the bank employees, the tellers, the customer service people & even the managers etc etc, are still treated as peasants & laid off when it suits the big bosses.)

    Eventually, someone has to pay the price for these billions of dollars in BANK PROFITS and this Government funded housing bubble, and yes, it's the first home buyers.
    BUT - it's not just the first home buyers who pay the price - it's ALL home buyers!

    First home buyers now cannot afford to enter the housing market, other buyers looking to move or trade up can now not afford to do so.
    Not enough buyers means that property prices around Australia will fall - drastically.
    When property values then fall drastically - many to the point where the loan amount is far more than what the house will sell for, resulting in Negative equity.


    Its already happening.

    Just recently, here on the Gold Coast, 2 prime waterfront properties that fetched around
    $12 Million each just 5yrs ago, were recently sold at auction - for only $4 Million each!
    Ouch! Ouch!

    All this because of the corrupt politicians (hand in hand with their corrupt regulators) looking after their corrupt BANKSTER mates!

    BFCSA & its members now unearth thousands more trapped borrowers, with BANKS using Loan Application Forms fraudulently altered by the BANKS to entrap even more borrowers!
    Many thousands of Australian families have already lost their homes.

    This is a CRIME against the Commonwealth, it is a CRIME against the PEOPLE of AUSTRALIA.

    This is why we MUST have a ROYAL COMMISSION into the banking & financial industries, to stop this systemic corruption.

  • doyla66
    doyla66 Friday, 01 February 2013

    Here in my neck of the woods beach front land sold for 3.3 million dollars in 2007/08, recent sale next door block was $750,000 Beachfront home same street is now mortgagee in possession. And never been lived in.Talk about negative equity!
    Wayne, your comments are spot on.

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