As house prices ease, the Coalition is accusing the government of starting a culture war on home owners. Labor says Liberal plans will push up interest rates.
First home buyers are the victims of an Albanese government culture war against property owners, the Coalition will claim as it ramps up its attack on the cost of housing amid Labor accusations that a Liberal plan to ease lending standards would lift interest rates for millions of existing borrowers., Liberal frontbencher Andrew Bragg will argue that the nation’s social fabric is at stake if homeownership continues to fall.
Meanwhile, homeownership rates have fallen across almost every age group over the past 40 years. People aged 35 to 44 are 18 per cent less likely to own a home than they were in 1981, while for those aged between 25 and 34, home ownership is down by 20 per cent. “This is not just about economics; it is about preserving the social fabric of our nation. Home ownership fosters stability, security and individual aspiration,” he will say.Reducing the 3 percentage point buffer on first home buyer mortgages, and requiring the regulator to consider the interests of first-time buyers, would give them a better chance of owning a home.
But there are concerns Bragg’s proposals would undermine banking stability and increase the cost of borrowing for everyone else.In a dissenting report to Bragg’s inquiry, Labor senators noted even supporters of the changes admitted that banks would have to change their risk profiles across entire mortgage books at a cost to those who already held loans.
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