WEBVTT - Will Labor deliver on its promises for First Home Owners?

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<v Speaker 1>Saying lovely to talk to you. So label reelected on

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<v Speaker 1>the big promises for first home owners. Have they kept

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<v Speaker 1>their promises?

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<v Speaker 2>Well, so far, we're not seeing that.

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<v Speaker 3>I mean, they've put a lot of promises out there

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<v Speaker 3>like they're going to be having given all first homeowners

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<v Speaker 3>access to the five percent deposit. They've talked about putting

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<v Speaker 3>ten billion dollars to build one hundred thousand homes that

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<v Speaker 3>only first homeowners can buy, talked about higher property limits,

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<v Speaker 3>no caps on places, and no income caps. So far,

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<v Speaker 3>none of that's delivered. And we're getting towards the end

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<v Speaker 3>of the financial year and I've got a lot of

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<v Speaker 3>people that I'm seeing wanting to buy and they're not

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<v Speaker 3>sure if they were going to meet next year's.

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<v Speaker 2>Caps and get into a property.

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<v Speaker 1>Did they give us a timeline in the first place.

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<v Speaker 3>Well, they didn't give us a timeline. But I guess

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<v Speaker 3>when you're getting elected and you're saying these things, people

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<v Speaker 3>are waiting for it to happen. And there's a lot

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<v Speaker 3>of people out there who want to home and want

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<v Speaker 3>to get in, so they're wanting this to go forward

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<v Speaker 3>or at least know a timeline and when it's going

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<v Speaker 3>to happen.

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<v Speaker 2>That's the problem. There is no timeline yet.

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<v Speaker 1>So what's the most important thing so far for the

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<v Speaker 1>first home and has promised that hasn't been delivered that

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<v Speaker 1>people really want to take advantage of.

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<v Speaker 3>Well, I would think that the higher property limits is

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<v Speaker 3>going to be a really important thing going forward. As

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<v Speaker 3>an example, I've got a client who's looking to buy

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<v Speaker 3>in Makay at the moment and they're stuck on a

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<v Speaker 3>five hundred and fifty thousand dollars purchase price. Now she

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<v Speaker 3>can actually afford more, but that's the maximum under the cap,

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<v Speaker 3>so she's got to buy by the.

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<v Speaker 2>End of the month.

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<v Speaker 3>And then there's so many people looking to buy there

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<v Speaker 3>that the property's listed at five hundred and they're selling

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<v Speaker 3>at six hundred. So she's put I think ten offers

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<v Speaker 3>in and not even been eligible for a property yet.

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<v Speaker 1>So where does this leave them out of poker out

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<v Speaker 1>to home?

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<v Speaker 2>Well, I mean they have spent a little bit of

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<v Speaker 2>money on going there.

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<v Speaker 3>They are still renting, but obviously wanting to get ahead

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<v Speaker 3>and get into your own home.

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<v Speaker 2>Is it going to be possible?

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<v Speaker 3>So as the new year goes on, they might not

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<v Speaker 3>meet the income threshold as a single person, and then

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<v Speaker 3>they might not be able to get a property, so

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<v Speaker 3>they might be stuck just continuing to rent, and then

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<v Speaker 3>they're not sure when these changes will take place.

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<v Speaker 1>So with all of these promises, what's the most important

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<v Speaker 1>one would you say? At this stage?

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<v Speaker 3>I still think increasing the property limits would be the

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<v Speaker 3>absolute maximum one because the property prices have gone up

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<v Speaker 3>so much and the property limits haven't changed. Needs to

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<v Speaker 3>meet the current market to enable the first home owners

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<v Speaker 3>to buy right now?

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<v Speaker 1>How long before we really need to start seeing things

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<v Speaker 1>getting done well?

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<v Speaker 3>I mean the change is well in a lot of markets.

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<v Speaker 3>I mean, if you're looking in areas that have grown

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<v Speaker 3>quite a lot lately, the Queensland price points in whether

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<v Speaker 3>it's in the capital city or in the regional don't

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<v Speaker 3>really align to what the market's doing at the moment.

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<v Speaker 3>So really you can't even buy in the Queensland capital

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<v Speaker 3>or in regional places in a lot of spots with

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<v Speaker 3>their price caps. So they're just stuck being eligible for

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<v Speaker 3>the grant but not being able to access it.

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<v Speaker 1>What advice are you giving your clients?

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<v Speaker 3>Look, I mean, at the moment, I'm saying that there

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<v Speaker 3>has been promises that this will change. Unfortunately, not sure

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<v Speaker 3>where that's going. I mean, even if you're looking in

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<v Speaker 3>the Sydney markets now for a first home ownty and

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<v Speaker 3>there's not much you can get for nine hundred thousand,

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<v Speaker 3>and then when you have to afford nine hundred thousand,

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<v Speaker 3>the income threshold cuts them out from being able to

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<v Speaker 3>afford that price loan. So in a lot of markets

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<v Speaker 3>around Australia, it doesn't make sense with the policies that

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<v Speaker 3>are currently in place to enable the clients to get

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<v Speaker 3>into their first time But.

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<v Speaker 1>As you say, the lower end of the housing market's

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<v Speaker 1>still strong in many areas, isn't it.

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<v Speaker 3>It is, and that's one of the problems as well.

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<v Speaker 3>So with the lower end is probably where we're seeing

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<v Speaker 3>more growth. But as rates come down over the next

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<v Speaker 3>six months, that lower end is where there's going to

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<v Speaker 3>be more demand, which means those prices are increasing. So

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<v Speaker 3>the longer it takes until these changes come in, the

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<v Speaker 3>potential that clients are paying more or they might even

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<v Speaker 3>move outside of that threshold again to be able to buy.

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<v Speaker 1>And it's hard to say this without looking into a

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<v Speaker 1>crystal ball, but do you think that any of these

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<v Speaker 1>promises will come to fruition.

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<v Speaker 3>Look, I'm absolutely hoping that it does because they have

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<v Speaker 3>let Australians elect them with these promises and to not

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<v Speaker 3>deliver to first home owners, and with so many younger

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<v Speaker 3>Astralian's coming up and wanting to buy and being the

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<v Speaker 3>voting majority now, it'd be crazy not to follow through

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<v Speaker 3>on some of these promises that they've said will be there.

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<v Speaker 1>If anybody wants some more advice on this, where would

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<v Speaker 1>they go.

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<v Speaker 3>Housing Australia is probably the main like that's who runs

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<v Speaker 3>all of these grants, so that's probably where you can

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<v Speaker 3>get the main information on the grants. There is a

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<v Speaker 3>lot of information online, I mean on the label website.

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<v Speaker 3>You can see their promises, but we can't see what's

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<v Speaker 3>actually followed through yet.

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<v Speaker 2>So Housing Australia website is the best one.