First-home plan doubts

The Gold Coast Bulletin - - NEWS -

FIRST-HOME buy­ers are un­likely to take up the new in­cen­tive to help save de­posits quickly af­ter a pre­vi­ous scheme failed mis­er­ably, in­dus­try ex­perts say.

The Govern­ment has been crit­i­cised for its an­nounce­ment that first-time buy­ers will be able to save a to­tal of $30,000 each in­side their su­per ac­counts and at­tract the tax ad­van­tages of su­per­an­nu­a­tion.

Mort­gage Choice chief ex­ec­u­tive of­fi­cer John Flavell said it could well fail based on past ex­pe­ri­ences.

“The 2008 first home saver ac­count had the am­bi­tions of ex­cel­lence but failed to launch,’’ he said. “I wouldn’t be surprised to see this lat­est ... scheme fail to take­off.”

Home Loan Ex­perts’ Otto Dar­gan added: “The new scheme has some great in­cen­tives but it doesn’t al­low buy­ers to save a big enough de­posit. “

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.