Prime Minister Anthony Albanese’s plan for the government to buy a 40 per cent stake in first-home buyers’ properties could backfire, real estate experts fear.
Labor’s Help to Buy Scheme assists individuals earning up to $90,000 and couples on a combined income of $120,000.
From July 2022, property newcomers can apply for one of 10,000 places.
This would see the government buy 40 per cent of a new home and 30 per cent of an existing home if a first-home buyer has a deposit of at least two per cent.
But CoreLogic research director Tim Lawless said the scheme was risky with the big banks forecasting a slide in house prices thanks to rising interest rates.
Prime Minister Anthony Albanese’s plan for the government to buy a 40 per cent stake in the houses of first-home buyers could…
Read the Full Article Here dailymail