Prime Minister Robert Abela has said that youths are key to our country’s success and reform and that a newly elected Labour government will ensure the future is bright for us and for future generations. A statement that I wholeheartedly agree with because it was a Labour government that implemented policies which improved our way of life and enhanced our voice and influence.
It was a Labour government that wanted youths to be more involved in the democratic process and lowered the national voting age to 16. Efforts in social justice, civil rights and liberties confirmed Malta’s place at the top of the LGBTIQ+ rights index.
The government’s aim is to ensure youths feel empowered and enabled to reach their personal and professional goals and aspirations. And, looking forward, this government, under the prime minister’s leadership, is determined to deliver a brighter future by helping youths fulfil their dream of buying their first home.
A newly elected Labour government will contribute €1,000 a year to the home loan paid by first-time buyers over a period of 10 years, totalling to €10,000 over a decade. This is a truly a progressive measure as there will not be any capping on the value of the property. There will be no means testing either. The only criteria for eligibility will be that, firstly, you have to be a first-time buyer and, secondly, the property must be residential. This scheme will be applicable for those who bought their first property from January 1, 2022.
Labour’s electoral promises aim to holistically safeguard our welfare and well-being
The goal of this incentive is to encourage and empower more youths to take the next step in their life, aid those who need a bit of a helping hand to buy their first property and enable youths to purchase properties which they previously believed they couldn’t afford.
Furthermore, the €1,000 contribution will allow youths to use this money saved to cover other needs and necessities or save up for future projects.
This measure will also see home ownership continue to rise steadily, an area which this government has excelled in during the past years. Not only were large tax exemptions given to first-time buyers but a state guarantee was also developed for those aged between 21 and 39 who are able to pay mortgage payments but unable to pay the 10 per cent deposit on their first property.
The government assisted by providing a loan for couples to pay the 10 per cent deposit on properties that don’t exceed €175,000. The loan is interest-free and can be paid over 15 years.
Equity-sharing schemes were also introduced and, for those who prefer to rent rather than buy, reforms to regulate private rents while improving subsidies were implemented.
Schemes for those who buy a property in urban conservation areas (UCAs), helped youths recover a substantial part of the expenses they made on the property, while other schemes for those who purchased properties in Gozo were also established.
Moreover, a total of 28,000 first-time buyers benefitted from the reduction in stamp duty of up to a maximum of €6,500.
The above measures demonstrate that the government is ready to support us youths by softening the burden of a home loan and enhancing our quality of life even further.
Furthermore, we will also benefit from a reduction in income tax and tax refunds as part of the government’s effort to provide better income for families.
The government’s ambitious aims to become a carbon-neutral island by 2050 and the proposed €700 million investment in green spaces show that the government is committed to address environmental issues and concerns, which are of key importance to us youths.
The availability of green spaces, such as parks and gardens closer to home, will allow us to enjoy cleaner air on a daily basis together with our friends and family. More pedestrian zones in every town and village will encourage us to take up a healthier and more active lifestyle.
Labour’s electoral promises aim to holistically safeguard our welfare and well-being. The future is indeed bright. And Labour can and will deliver it for us.
Naomi Cachia, Labour candidate