Election issues affecting first homebuyers

WATCH: What election issues are affecting first homebuyers?

Transcript

00:00There is about to be a federal election, and you probably know that housing is very high

00:04on the agenda this time, but let's talk about what promises are actually being made to help

00:09first home buyers.

00:10Now, both major parties are promising to increase housing stock and accessibility, but in really

00:15quite different ways.

00:16Labor, who currently hold government, have introduced a help-to-buy scheme, where the

00:20government contributes to the purchase price of your house, but they then own part of your

00:24property.

00:25They've also introduced funding for what is expected to be 1.2 million new homes over

00:30five years.

00:31Now, the Liberals, if they get in, plan to allow first home buyers to access a 50k lump

00:35sum from their super to go towards the cost of a house.

00:38They're also planning to pump money into infrastructure in suburbs, so that would be things like roads

00:43and water to kind of decrease the cost and get work moving.

00:46On the other side of the coin, the Greens want to help first home buyers by regulating

00:50banks so that, theoretically, mortgages would be a little more affordable and transparent.

00:55They also want to establish a public housing developer who would build social and affordable

01:00housing for people to be able to move into, increasing stock.

01:03There's a few important things to note about these policies.

01:05First of all, we are getting a budget this year on March 25th before the election, and

01:09that could shape up some things in terms of Labor's policy.

01:13We also know that there's been quite a lot of criticism from experts on policies right

01:16across the political spectrum and how they may actually not help first home buyers in

01:21the long run.

01:22The other thing is that independent candidates and minor parties are going to have a really

01:26significant sway on this election, and so it's important to do research on what all

01:30kinds of candidates in your electorate might be promising.