PN government to cover half mortgage interest of first-time buyers for 10 years
A PN government will also extend the property deposit grant to first-time buyers, Alex Borg says
A Nationalist government will cover half the home loan interest of first-time buyers for the first 10 years, Alex Borg announced on Wednesday.
The assistance will be provided monthly, directly into the buyers’ bank accounts, for the first 10 years of a home loan.
Borg was speaking during a rally in Qormi, where he told the party faithful that first-time buyers could benefit from up to around €46,800 in direct assistance.
He also announced an extension of the grant, repayable interest-free, to cover the property deposit of first-time buyers.
The government currently grants buyers an amount equal to 10% of the property value, interest-free, which is to be repaid over 40 years, together with the home loan.
"We will double the property value limit eligible for this scheme from €225,000 to €450,000. This means that someone buying their first home could receive up to €45,000 in assistance to cover the deposit," he announced to applause.
Currently, first-time buyers do not pay tax on the first €200,000 of the price of a property.
Under a PN government, separated couples, divorcees and people whose marriage is annulled will be considered as first-time buyers.
Earlier in the electoral campaign the Labour Party announced ‘My First Home’, an interest-free loan of up to 25% of a property’s value, helping first-time buyers over the age of 23 cover the costs of their first property.
In his address on Wednesday, Alex Borg focused on the economy, saying that while growth was positive, economic growth needed to translate into a better quality of life. That, he said, was not happening.
He reiterated PN commitments to reduce electricity bills by 30%, cut personal taxes, improve pensions, and raise stipends by 25%. A Nationalist government would also immediately start works on a new mass transport system, he said. "The time for studies is past," he declared.
At the same time, he said, a PN government would stop the squandering of public funds on consultancies for projects that did not take off, hospital contracts that were then declared null, false government propaganda or guarantees worth hundreds of millions to Electrogas.
He said people should not be deceived by Labour electoral promises. Labour had had its time and a wealth of past promises remained unfulfilled, he said.