Both major parties say they have policies that'll make it easier for more people to buy their first home, but the paths chosen to make that happen look very different.
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00:00Sydney renter Chloe Angel has a stable middle income job, but she still can't afford to buy a house.
00:10I have been saving for most of my adult life and I would love the opportunity for secure housing through buying a home.
00:17Final! All done!
00:19To boost home ownership, the major parties are spruiking very different plans.
00:24The Coalition would allow first home buyers to tax deduct interest payments for the first five years of a mortgage.
00:31But the interest deduction only applies on interest paid on up to $650,000 of their mortgage.
00:38Only individuals earning up to $175,000 per year or couples earning a combined income of up to $250,000 will be eligible.
00:49The tax deductibility of the interest paid on a home loan for the Coalition on average will save somebody $11,000.
00:56Labor is promising to scrap the income test for its existing first home buyers scheme, allowing them to purchase with only a 5% deposit.
01:06Economists say both policies will push up house prices.
01:10The biggest winners out of both policies will be those who already own homes.
01:16I'm not convinced that either policy will change anything for me.
01:20Some economists say the better way to help first home buyers would be to scrap federal government tax breaks for property investors,
01:28which the Parliamentary Budget Office estimates will cost roughly $12 billion in foregone revenue this financial year.
01:37But none of the major parties want to talk about that in this election campaign.
01:42Making the dream of home ownership as complex and elusive as ever.
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