{"id":22649,"date":"2019-12-15T08:45:14","date_gmt":"2019-12-14T19:45:14","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=22649"},"modified":"2019-12-15T08:45:17","modified_gmt":"2019-12-14T19:45:17","slug":"500-million-gimmick-we-all-fell-for","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/500-million-gimmick-we-all-fell-for\/","title":{"rendered":"$500 million \u2018gimmick\u2019 we all fell for"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>PHOTO:  ScoMo\u2019s scheme is considered to be a dud by critics. Picture: AAP Image\/Paul Braven <em><em>Source:AAP<\/em><\/em> <\/strong><\/p>\n\n\n\n<p class=\"has-drop-cap wp-block-paragraph\"> <strong>It\u2019s supposed to help struggling first-home buyers. Instead, it has been slammed as \u201cbad news\u201d before it has even got off the ground.<\/strong> <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When Scott Morrison announced a radical \u2013 and expensive \u2013 plan to help first-home buyers just before the May election, critics had a lot to say.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Independent economist Saul Eslake said the plan would only help a lucky few get ahead and could even put&nbsp;<a href=\"https:\/\/www.news.com.au\/finance\/economy\/australian-economy\/experts-warn-of-glaring-issues-with-new-first-home-buyers-scheme\/news-story\/79b2fb2992b074104a6defc43730659a\" target=\"_blank\" rel=\"noreferrer noopener\">\u201cupwards pressure on prices\u201d<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Former independent MP Kerryn Phelps said it was \u201cconcerning\u201d and could lead to borrowers struggling to make their repayments, while realestate.com.au chief economist Nerida Conisbee said it could lift prices by increasing the number of buyers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mr Morrison went on to win the election and has stuck with the scheme, which is now just weeks away from officially launching on January 1.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But property and financial experts are still far from convinced it\u2019s worth it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And according to Starr Partners chief executive Douglas Driscoll, it was little more than an election ploy voters fell for.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt was a campaign gimmick conceived on the back of the election bus,\u201d he told news.com.au.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIf you look at the 10,000 deposit schemes that are available, that constitutes less than 10 per cent of the first-home buyer population based on current numbers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI welcome anything that\u2019s there to aid and abet and assist the first-home buyer, but this was just a simple tactic to get more votes.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">READ MORE VIA <a href=\"https:\/\/www.news.com.au\/finance\/real-estate\/buying\/scott-morrisons-first-home-loan-deposit-scheme-will-launch-on-january-1\/news-story\/7b196e2dfd7f04e720b20381ac1e6020\">NEWS.COM.AU<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: ScoMo\u2019s scheme is considered to be a dud by<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/500-million-gimmick-we-all-fell-for\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":22650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478099464,478099519,478098746,478098566,478099197,478107150,478099206,478104813,478105627,478105714],"class_list":["entry","author-data123nz","post-22649","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australian-property","tag-australian-property-market","tag-first-home-buyer","tag-first-home-buyers","tag-first-home-deposit","tag-first-home-buyers-scheme","tag-home-deposit","tag-prime-minister-scott-morrison","tag-prospective-first-home-buyers","tag-scomo"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.6 - 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