"Help to Buy" is Actually "Help the Banks"

The government is promoting their Help to Buy scheme where they will own 30-40% of your home (instead of you). While it might sound good to Australians desperate to get into a house, the details are terrifying.

One of those details that didn't get much media attention was the structure of the mortgage. Government won't be a co-owner of the house, they'll be a second mortgagor. That means they are behind whichever Big Bank gives you the main mortgage.

This is bad news because if house prices go down at all (they are currently at record highs) the Big Bank gets first priority to recover all of their losses, leaving the homeowner and the government (aka taxpayers) out of pocket.

That means the banks will probably be getting risk free profits at our expense. This is just one of the many problems with "Help to Buy" which means it won't help at all.

One Nation has the real solutions to the housing crisis. Start with cutting record immigration, banning foreign ownership and letting tradies do their job, not pumping up Big Bank profits.

Transcript: https://www.malcolmrobertsqld.com.au/help-to-buy-is-actually-help-the-banks/