Family First plan to woo first time buyers

Family First would allow first home-buyers tax deductions for their mortgage payments and / or access to superannuation savings for their house deposits under two proposals put forward by the political party. Senator Stephen Fielding said “the government needed to level the playing field between investors and first home-buyers to assist first home buyers to enter the market.” Family First proposes that first home buyers be able to claim a deduction for interest on mortgages over the first five years of the loan, with a cap of $7000 delivering an average saving of $93.48 a week and costing up to $2.6 billion a year after the first year. Whilst some industry bodies and political opponents granted the proposal had merit no one was willing to endorse the plans.