Remove interest only loans. Incentives for older Australians to downsize. A ban on foreign ownership of domestic property. Extend the first home savers. First home concept.
No Australian should be allowed to borrow interest only as it necessitates reliance on capital gain returns only and basically laughs in the face of "paying off a mortgage by retirement". Legislation should be implemented to prevent all interest only loans and remaining loans should be paid out or converted within 10 years. Older Australians should be able to have the same figure in savings, investments or in a house before they lose the pension. Assistance should be give free of charge to those who want to rent their houses out or sell. Reverse mortgage should also be abolished, but small, low interest personal loans could be issued based on ability to repay. In addition, all people should be able to access the health card as this is usually the reason people are so paranoid about losing the pension. However, anyone who has x amount of income and no private health should have to pay extra tax potentially a high figure if their assets and income are high enough. No foreign residents for tax purposes should be able to buy domestic property including apartments in Australia. Foreign students should not be able to buy property, they are here to study, not invest. The current foreign investment rate in domestic property was around 30% in Melbourne in September 2016 which is outrageous. The immigration rate should be reduced to 100,000 per annum, all inclusive. I believe it is over 300,000 at the moment. The government cannot attempt to overpopulate the country to solve the budget crisis when job and wages growth is so low. All we are doing is decreasing our standard of living. The first home savers account was brilliant but now that it might get replace by the super equivalent we should incentivise saving. So if people contribute up to say 5% extra into superannuation (locked into retirement) a portion could also be matched for the first home saver account (to be accessed for a deposit). They could then contribute more to the first home savers account separately. This could be restricted to millenials to specifically target those who will not receive a pension and this concept of "no pension for millenials" should be publicised. Interest should not be deemed it should be actual and based on the investment allocation chosen in the fund. The first home concept should be used the same as land tax, that is, all the people on the title are considered one entity. So if Joe Bloggs marries Mary Mack and they buy their first house, but later have to sell due to job loss or illness, or one party is granted the house in the divorce, then any party not owning property should be considered a "first home owner" as they are substantially disadvantaged. Obviously, safeguards would have to be implemented but many divorcees etc. need help getting started again. If one or both parties own property, then they do not qualify. Also stamp duty must be abolished, its been 17 years since the GST was meant to make up for state based taxes, Victoria and New South Wales are on board for first home buyers, get your act together every other state. And yes, SA, I am especially looking at you as the state charging the most in government fees and charges to first home owners.
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