Table of contents:
Sydney’s Mortgage Loan Modification Success Stories: Profitable Outcomes – Computational design and virtual reality tools as an efficient approach to design optimization, improvement and validation of Islamic Parametric Elevation.
Evaluation of Sustainable Development Initiatives in Central Taiwan Science Park: An Analysis of Residents’ Opinions and Effects on Urban Ecosystems
Sydney’s Mortgage Loan Modification Success Stories: Profitable Outcomes
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Author: Mustapha Bangura Mustapha Bangura Scilit Preprints.org Google Scholar See Publications 1, * , Chyi Lin Lee Chyi Lin Lee Scilit Preprints.org Google Scholar See Publications 2 and Benjamin Schafer Benjamin Schafer Scilit Preprints.org Google Scholar See Publications 3
Received: 1 April 2023 / Revised: 28 April 2023 / Accepted: 29 April 2023 / Published: 1 May 2023
Like many other countries, the Australian government has implemented fiscal and fiscal policies in response to the COVID-19 pandemic to support economic recovery. These policies included specific measures to help First Home Buyers (FHBs) to enter the housing market. However, these unprecedented economic policies may have other direct and indirect effects on FHB that have not been thoroughly explored in the literature. To fill this gap, we collected 61 mortgage brokers through FHB’s public and online platforms who have successfully entered or actively sought to enter the housing market during the pandemic. The results showed that the economic responses to COVID-19 were detrimental to FHB, putting them in a more favorable position as the real estate market overheated. In addition, since the start of the pandemic, property prices have risen sharply, exacerbating housing inequality, as FHBs increasingly rely on intergenerational family support, take more financial risks and move to regional areas for fear of losing out. The study emphasizes that macroeconomists and housing policymakers must take these unintended consequences into account when formulating policies that minimize the adverse effects of economic stimulus measures.
Real house price growth has increased significantly in most advanced economies since the 1970s. Kishore and Marfatia [1] found a steady increase in average real house price growth in 15 OECD countries, with Australia having the highest average quarterly growth between March 1975 and December 2013. Most recently, Australia’s average quarterly housing growth of 2.77% outpaced Canada (2.33%), the Netherlands (2.55%), the United Kingdom (1.28%) and the United States (2.55%) in 2020 in March and December 2021. 2] Rapidly rising house prices in developed markets, the rise of neoliberal housing policies and recent housing finance issues have significantly reduced home ownership rates, especially in countries with a capitalist socio-political background. For example, in the United States, home ownership rates in 2000-2018 were lower than in other advanced economies [3], leading to heterogeneous effects among households in the country [4]. According to a report by the Local Government Association [5] home ownership rates among young people in the UK have fallen compared to 20 years ago. Similarly, a report by Hall and Thomas [6] to the Australian Parliament shows that between 1971 and 2016 the home ownership rate dropped significantly, especially for those aged 22-34, from 57% to 44.6%. Several factors are responsible for this increase in home ownership. Acolin et al. For example, [7] highlighted strict lending criteria as an important barrier to entry. Bourassa and Shi [8] (2017) identified borrowing constraints and ethnicity as contributing factors to the decline in homeownership rates. Income growth could not keep pace with house price growth according to Bourassa and Shi [8], Blundell et al. [9], and Bangura and Lee [10, 11]. Furthermore, the use of housing investment to generate speculative wealth has recently become evident [12].
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The COVID-19 pandemic has exacerbated the problem of home ownership, leading to the development of important economic stimulus packages, some of which directly or indirectly target first home buyers (FHBs) [13]. In the UK, the central bank cut the cash rate by 65 basis points to 0.1% and the government introduced a new mortgage guarantee scheme for home buyers from April 2021 with a limit of GBP 600, a deposit of around 5%. home , 000, with the extension of stamp duty land tax exemption until June 2021 (International Monetary Fund (IMF) [14]). In addition, the 2020-Coronavirus Act gave more protection to social and private tenants by delaying the time when landlords can evict tenants [15]. According to the IMF [14], Fannie Mae and Freddie Mac’s response policies to COVID-19 in the United States include 12-month mortgage and related late fee waivers, deferral of reports to credit bureaus related to forbearance, increased foreclosure sales, and loan default evacuation for 60 days, and offers loan modification options. In Australia, policies such as the AUD 10,000 early retirement, home loan rate reductions, the First Home Loan Deposit Scheme and grants to home builders, new home builders or major renovators are considered to be directly related to First Home Buyer (FHB) homes. group in the market (the economic response to the COVID-19 downturn, including the direct and indirect benefits of FHB, is summarized in Appendix A). The Home Builder Program was launched on 4 June 2020 by the former Commonwealth Minister, former Commonwealth Treasurer and former Prime Minister of Australia to promote economic growth and employment in the house building sector during the Covid-19 pandemic. Homebuilders provide a grant to eligible owner-occupiers to build a new home or significantly renovate an existing home. An award of AUD 25,000 was awarded for contracts entered into between 4 June 2020 and 31 December 2020, followed by an award of AUD 15,000 for eligible contracts entered into between 1 January 2021 and 31 March 2021. An estimated 27,000 homes were subsidized across the country for the Treasury primary at a cost of AUD 678.3 million. However, by 24 June 2022, the housebuilder had offered 100,214 awards to eligible recipients, with a total award value of AUD 2.3 billion. This discrepancy can be attributed to increased construction activity due to an overheated housing industry, which has led to significant material, land and labor supply problems (Australian Department of Finance (ADT) [17]). In the context of global cities, such policies will help reduce the vulnerability of cities to external shocks [18].
Despite variation in the nature and extent of COVID-19 policy interventions across countries, as argued by Blundell et al. [9], it is still clear that inequality within shelters will continue to increase. This raises questions about the success and externalities of these intervention policies in the potential FHB. To answer these questions, we conducted a case study of New South Wales (NSW), Australia’s most populous state, where affordable entry-level housing has declined significantly [ 11 , 19 ]. Furthermore, Sydney, the capital of NSW, is the most affordable city in Australia in terms of housing and the second most affordable city in the world [10, 11, 20]. This means that, as a highly urbanized city, Greater Sydney will continue to experience new and ongoing challenges in providing housing and other essential services as described by Ribeiro and Gonsalves [ 21 ]. These factors make NSW an interesting case study. Our study focuses on the external effects of the stimulus package on first home buyers (FHB) during the COVID-19 pandemic. We evaluate the effectiveness of these policies in promoting access to the housing market and examine whether FHBs provided direct or indirect support to compete with other market participants.
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