Peter Dutton is set to announce a game changing housing policy plan to help first homebuyers get on the property ladder.
The new policy would allow first time buyers of newly built homes to deduct mortgage payments from their income tax if the Coalition wins the federal election.
According to the Coalition’s figures, the policy would mean a family on average incomes would be about $11,000 a year better off, or $55,000 over five years.
The ‘first home buyers mortgage deduction scheme’ would be limited to five years and the first $650,000 of a mortgage, the ABC reported.
It would be means-tested at $175,000 for singles and $250,000 for couples.
The Opposition leader will announce the policy at the Coalition’s campaign launch in western Sydney on Sunday.
The announcement is designed to get ahead of Anthony Albanese’s expected announcement later today to allow first homebuyers to enter the market with a 5 per cent deposit, avoiding lenders mortgage insurance.
Labor’s announcement will be made from Perth, with the time difference between the east and west coast allowing the Coalition to get its promise in first.
More to come…
Peter Dutton (pictured) is set to announce a game changing housing policy plan to help first homebuyers get on the property ladder
According to the Coalition’s figures, the policy would mean a family on average incomes would be about $11,000 a year better off, or $55,000 over five years. Stock image
