Love The Bee
Draft decision - US Supreme Court overturn of Roe v Wade apparently imminent

What non-rorting reasonable people want The Government owning 40% of their house?

UPDATE - Catherine's nailed it.

Screen Shot 2022-05-03 at 8.37.51 am

 

Every renovation, every improvement, everything you do to improve the value - 40% goes to Canberra.

And why should I take the taxpayer-funded risk to invest in your home?

Screen Shot 2022-05-03 at 8.21.41 am

Scott Morrison this morning seized on suggestions that participants in Labor's home equity scheme would have to sell their property if they came to exceed the income caps in the program and were unable to buy out the government.

"If you are one of the lucky ones who get one of these 10,000 places where a Labor government can own 40 per cent of your house, if your household income goes above $120,000 a year, Anthony Albanese will put a for sale sign on your lawn," he told 3AW.

"You actually have to dispose of the asset and pay back the government.

"I mean this is insane.

"On top of that, if something terrible happens and your property is passed to your children, the children have to sell the house if their income is not eligible for the scheme."

Mr Morrison also argued the Labor policy was not clear on what would happen in the event of renovations being made and increasing the value of the property.

"Every time you go to Bunnings and you want to do an improvement on your house, you have to check with Canberra," he said. "Because they share in the capital appreciation of the home. They take a cut."

Labor has been grilled this morning on what happens if the home buyer dies and passes the property to the child.

In the case where that child earns under $90,000, they can pick up the scheme, but Deputy Leader Richard Marlesconfirmed if they earn over that amount and can’t afford to buy out the government’s stake, they would need to sell the home.

“Obviously if their children also qualify for the scheme in circumstances where they are of low and modest incomes, then they're able to maintain the property in that way and the property can pass on to them,” Mr Marles said on Sky.

“If the child doesn't qualify, well then those kids would have… an option of buying the government out. And that's a matter for them.

“If they don't take up that option… the property would then be sold.”

Comments