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Aussie dream of homeownership endangered due to current financial policies says Russell Broadbent
Russell Broadbent discusses the endangered Aussie dream of homeownership due to financial policies. APRA's regulations and a lack of housing supply pose a threat, leaving many unable to buy homes, emphasising the need for government action.
Hello. Russell Broadbent here, your member for Monash. I want to talk about the Aussie dream, work hard, save up and buy your own home. We've heard it all before - the big backyard, white picket fence, and of course plenty of space for the kids to play cricket in the summer. But the big Aussie dream is in danger.
The rules, initially enacted during a period of low interest rates, have inadvertently exacerbated the issue they were intended to resolve
Housing crisis looms
Robert Gottliebsen's recent article in The Australian paints a dire picture for our nation's housing future. Our current financial environment, as Robert puts it, is making it 'impossible for ordinary Australians with good jobs to buy dwellings.' He says that the current policies put in place by APRA are causing severe issues for those looking to purchase their own home.
In response to unlimited bank credits dished out in recent years, APRA has now forced banks to calculate over the interest rate being charged when assessing home loan eligibility. These regulations, which were implemented at a time when interest rates were low, are now creating a bigger problem than the one they tried to fix. The average income earner can't even pass the 'risk test' to access finance.
So, the next logical option for them is to rent. But guess what? There are no houses available! The government must focus on increasing housing supply to address this crisis. Otherwise, more and more families will be left homeless. The great Aussie dream was once a reality for many. But now it's just that a dream. And if we don't wake up soon, it will become a nightmare for our nation. That's justice as I see it.
Pictures from Russell Broadbent MP Facebook page.
Source: http://gippsland.com/
Published by: news@gippsland.com
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