let’s talk about the policy failures then…
Lets use a likely example
A single applicant earning $86k p.a ($5485 p/m net)
They use the scheme to buy a house at $650,000, the government cover 40%, so their mortgage is $1811 p/m (357,500 incl 5% deposit)
They then get a modest promotion or new title at work that sees them earning $91k p.a ($5759 p/m net)
This would now require them to buy out the governments equity, so their mortgage increases to 617,500 or $3128 p/m… (this is without calculating in LMI)
so tell me what bank in the country is going to lend this single applicant who’s servicing has capacity puts them at more than 50% income to mortgage repayments, without considering NCCP servicing benchmarks or growing interest rates?
So now for bettering themselves this person now loses their house and the government has collected equity growth on the inflation of the properties value…
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Super for first home buyers - massive winner for young, page-39
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