While in Cairns and Townsville Greens Senator for Queensland Larissa Waters demonstrated how the Greens plan to require the big banks to offer a discount mortgage could benefit all Far North and North Queensland homeowners,
The ‘HomeKeeper’ low rate mortgage would be mandated via legislating requiring the big banks to offer a mortgage rate option of just 1% above the cash rate, protected to save the average mortgage holder $90 each week. The big banks could still offer other products and there would be no compulsion on anyone to switch to a HomeKeeper mortgage.
Greens Senate leader Larissa Waters, Senator for Queensland
“We’re in a housing crisis everywhere, but Cairns and Townsville are the hardest hit outside of Southeast Queensland, with the worst levels of housing stress.
“In Townsville, rents have skyrocketed by 35%, and house prices have increased 61% in the last five years.
“Meanwhile, bank profits are also skyrocketing—they raked in $17.6 billion last year alone off people’s home loans. For decades they have been massively profiteering while people are really hurting.
“That’s why the Greens are taking on the big banks. We’ve announced ‘HomeKeeper,’ a plan to legislate low-rate mortgages—just 1% above the cash rate.
“We’ve seen policies like this work in Portugal, France and Chile.
“This could save the average mortgage holder in northern Queensland about $90 a week or $4,000 a year. It’s time to stop big corporations and banks from ripping us off and making the housing crisis worse.
“It is immoral that people are being forced out of their homes to protect the profits of big corporations. In a wealthy country like ours, everyone should have a secure home.
“Big banks pocket an estimated $176 a week—or $200,880 over 30 years—from profits on the average home loan, according to The Australia Institute.
“The Greens are here to fight for you, to take on the big banks, and to deliver a cheaper mortgage.