New OTP will remain new

So for those that do not complete, OTP will remain new when passed to another, but not clear if this also applies to residents.

Thousands of Chinese buyers may be forced to sell units as bank noose tightens

 

Not sure who's quote this is but lets hope they're not an accountant .."So that's probably around about 50,000 investors Say about 30 per cent of them are able to pay it all up front, that leaves about 30,000 investors here who are affected — that's quite a large number."

 

So interesting to me how the Gov comes rushing to the aid of caught-out foreign investors who rather foolishly bought poorly and with little/no due diligence, by breaking rules to allow them to on-sell to to other foreign investors.

Yet we dont see Gov rushing to the aid of local AU national, first home buyer owner-occs (you know... the 'safer' variety of mortgage holder than foreign speculative investors...)

Here's an idea: why not allow the distressed foreign buyers to on-sell (at same-purchased-rate, no more, no less..) to local first home buyers, and then gov offering a grant or the states offering a 50% stamp duty reduction. This would satisfy all parties:

- Chinese investor gets out of the deal without losing too much
- Local FHB gets a new apartment at the foxed buy price of what might have been 12 or 24 months ago (net effect meaning they are buying below current market val)
- Gov avoids a crash/crisis that would have stood real risk of domino-effecting further into the economy

 

Didnt you know, Perth has tens of thousands of empty apartments owned by the Chinese.

 

I do not think they should do anything extraordinary for FHB, they already get a grant if they qualify.

But if this is a new rule, it should be free for anyone to take up.

PS not interested in bailing people for the same price, as we have discussed elsewhere, has to be discounted & probably heavily.