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Monday, May 27, 2024

Morrison tells renters to buy house using equity from their existing investment properties (The Shovel)

In response to claims renters had missed out on assistance in this year’s budget, Scott Morrison has urged low income earners to bite the bullet and buy a house using the equity they’ve built up in their investment portfolios.

“It’s basic common sense,” Morrison told the Today Show this morning. “I hear a lot of people complaining that they can’t afford to pay their rent, or can’t afford the weekly shop. And I say to them ‘Use the dividends from your share portfolio or leverage the equity in your property investments – that’s what it’s there for’.

“Sure, we’d all like to save that equity to buy additional investment properties. But at some point you’re going to need to take a step back and say, one of those houses is going to be for me to live in”.

He said young people were often unaware of simple tips for getting into the housing market. “One of the things I always tell young people who say they can’t afford a house is ‘get a high paying job’. Let’s face it, nothing makes it harder to buy property than getting stuck in a cycle of average earnings.

“Preferably, become Prime Minister. I’ve found that one of the best ways to avoid getting bogged down in monthly rental payments is to get the taxpayer to fund two thirty-room houses for you. It’s pretty simple really”.

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