I don't think you pay interest, David. (But I'll double check that.) I think you pay for the upkeep. You pay the rates too. That amounts to interest.The State would be covering a quarter of the cost so I suppose they get a quarter of the asset. In any case, you can pay that quarter back later (I would presume with interest but no detail in the article) which might help some.
I think we would be better off trying to reduce the ridiculous price of housing here. FFS I could sell my house, buy an apartment in the middle of Paris, and get change. Unfortunately the policies taken to the last election about getting rid of negative gearing and the capital gains tax concessions failed because of a scare campaign, one no doubt supported by the Murdoch rags.
The biggest issue with this is that it might just lead to house prices going up more, but that would be hard to determine given house prices have already been rising at insane levels for the last few decades.
I reckon it's a winner too Jack.I don't think you pay interest, David. (But I'll double check that.) I think you pay for the upkeep. You pay the rates too. That amounts to interest.
Anyway the biggest issues facing the electorate in the coming months may not be COVID related. I haven't seen any testing on this as yet but I get the feeling from my own straw polls that COVID criticism runs along existing party lines. And that swinging voters see COVID as unknowable and mistakes as understandable/inevitable. As, I said, not that I've seen any actual testing.
There will be other issues. At state level housing affordability could be a big deal. And non partisan.
BTW this kind of scheme was introduced by Bolte back in the 60s. In those days a Liberal government could do such a thing. In 2021 the highbrow Murdoch headlines the scheme as "Victoria's controversial bid to own part of your home".
FWIW I think the scheme is a winner.
Home ownership has plunged from 43% of Australians to just 30% in 20 years, while mortgages and renting has jumped due directly to government failurewww.michaelwest.com.au