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Pitch to first home buyers is more dollars than sense

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Illustration: Cathy WilcoxCredit:

Allowing first home buyers to take out a loan with only 5 per cent deposit is fraught with risk (‘‘PM’s home help’’, May 13). How many will be unable to service their mortgage and ultimately default? The royal commission took the banks to task for risky lending. Now both political parties want to promote it. - Stephanie Edwards, Roseville

In their scramble for votes, the parties are focusing on the wrong elements to improve accessibility to home ownership. To assist home ownership, the basic solution is to allow landholders on the periphery of cities to subdivide land and supply the housing lots that people need. - Tony Recsei, Warrawee

Scott Morrison warns of a collapse of housing prices if Labor is elected. In other words, and you can rely on it, housing prices will remain high, grossly inflated and will increase under the Liberals. Meaning that the gap between those who own a home or can afford to buy one and those who are shut out from home ownership will be confirmed and maintained under Morrison. He assures us so. To insist upon this stance is not, for him and the Liberals, class warfare. But to suggest that there is such a gap and that it represents a major social division, a stark dichotomy, is to initiate envy-driven class warfare. - Clive Kessler, Randwick

The idea of helping people buy a first home is a good one but how does the PM overcome the contradiction in his statements? On Q&A he loudly argued that subsidising things pushes up the price. An example is private health care and he again loudly proclaimed that he would continue to subsidise it in his speech. Now he wants to subsidise buying a house. How will that avoid sellers pushing up the price when they know the Commonwealth is supporting the buyer? - Tony Sullivan, Adamstown Heights

For first home owners it’s a choice between Tweedledum and Tweedledumber. - Les Shearman, Darlington

Is Labor now saying virtually anyone over the age of 25 will be able to buy their first home? - Paul Haege, Darling Point

Bill Shorten and Scott Morrison are now in the final week of their battle for the nation's leadership.Credit:Dominic Lorrimer/Alex Ellinghausen

The question for first home owners is not ‘‘Who will help me out?’’ but who controlled the economy while the deposit trebled from 10 per cent to 30-35 per cent? - Michael Kirby, Castle Hill

I am old enough to remember the NSW government’s disastrous mortgage support scheme, called Home Fund, designed to allow ‘‘poor people’’ funding to purchase houses. A forerunner to the US subprime disaster and similar to the 2019 vote-catcher. - Bill Leigh, Pennant Hills

Illustration: John ShakespeareCredit:

The Coalition had six years to help first home buyers but hardly lifted a finger, yet six days away from oblivion they think about their plight.

If you are foolish enough to vote for the Coalition based on this last-minute promise then you only have yourself to blame if the promise evaporates after they get power again.

They’ve made an art form of breaking election promises. - Howard Charles, Annandale

How can banks lending 80 per cent be irresponsible but government lending 95 per cent be responsible? - David Russell, Willoughby


© The Sydney Morning Herald