Exploiting the First Home Grant
The wrapping fat cats.
I wonder how many of the First Home Owner Grants have ended up in the hands of the wrappers.
The wrappers rely on the Grant to give them their first capital gain- the first of many (the others being the mark-up on the price and the interest rate hike).
Did the Government intend for the Grant to be a form of welfare for property spruikers?
Perhaps it’s time to regulate the FHOG so that it can go to more legitimate purposes – to the banks, who will put the home in the name of the buyers; or to the Government, who will put the money back into the community.
It’s time to stop lining the pockets of these wrapping fat cats.
A journalist recently described wrapping as “the third way to steal the first home grant”. The other two, of course, were millionaires using the grant and homebuyers using the names of babies.
Certainly, the grant is being exploited by the wrappers. This is a loophole that needs to be closed.
Yes, where there’s a wrap, there’s a rip.