It is clear that the Australian first home saver accounts offer has not been taken up by too many First Home Buyers.
The prime minister Julia Gillard believes that despite best intentions the scheme has clearly missed the mark.
Obviously potential home buyers have seen the scheme for what it is…too little and too slow. By the time any first home buyer manages to save up their deposit with the ’supposed help’ from the government the property prices would have moved further and left them behind.
According to information obtained by the Seven network under Freedom of Information legislation indicated the $1 billion fund intended to help first home buyers has actually hardly been touched.
The $1.2 billion scheme was launched two years ago. The intention was to encourage saving via first home saver accounts with the government providing matching funding of up to $3740.
At the time that the scheme was established there were predictions of up to 750,000 such accounts being created. Instead only 15,300 took up the offer with only $40 million being spent.
According to the Treasury , the scheme is a failure and requires rethinking.