{"id":207619,"date":"2025-04-26T22:55:43","date_gmt":"2025-04-26T22:55:43","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/the-dim-sim-of-australian-politics-the-barefoot-investor\/"},"modified":"2025-04-26T22:55:43","modified_gmt":"2025-04-26T22:55:43","slug":"the-dim-sim-of-australian-politics-the-barefoot-investor","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=207619","title":{"rendered":"The Dim Sim of Australian Politics \u2014 The Barefoot Investor"},"content":{"rendered":"


\n<\/p>\n

\n

Hi Scott,<\/em><\/p>\n

I\u2019m 32, a teacher, and renting with my boyfriend (also a teacher). We\u2019re working hard and saving where we can, but the idea of owning a home in Melbourne still feels out of reach. We don\u2019t have rich parents or guarantors \u2013 my mum also rents, and my partner\u2019s parents are still paying off their home. I was doomscrolling property news (as you do) and saw an article quoting a speech by Opposition Housing Minister Michael Sukkar and the Liberals\u2019 plans to ease lending rules to help buyers without the Bank of Mum and Dad. You\u2019re the only finance person I actually trust \u2013 does this mean anything for people like us, or is it just pre-election noise?<\/p>\n

Penny<\/em><\/p>\n

Hi Penny,<\/p>\n

Michael Sukkar is the Dim Sim of Australian politics \u2013 hot on the outside, cold in the middle \u2013 and his ideologically driven policies are a weird mix of soggy cabbage and mystery meat that will make you chunder.\u00a0<\/p>\n

Here\u2019s the soy sauce:<\/p>\n

When you apply for a home loan, the bank checks if you can afford it even if interest rates go up.<\/p>\n

Right now, the government regulator makes them add 3% to the current rate \u2013 just to be safe.\u00a0<\/p>\n

So if the rate is 6% they test whether you could still make repayments at 9%.<\/p>\n

It\u2019s called a \u2018stress test\u2019 \u2013 and it\u2019s there to stop people getting in over their heads if (or, let\u2019s be honest,\u00a0when<\/em>) rates rise. And, as a financial counsellor, I think it\u2019s a thoroughly sensible policy that keeps the screws on bankers.<\/p>\n

Dim Sim disagrees.<\/p>\n

He argues that by lowering the buffer first home buyers would be able to borrow more. Which is true.<\/p>\n

But let\u2019s think about it for, say, six seconds:<\/p>\n

Lowering the buffer would mean everyone could borrow more \u2013 so they would \u2013 and all that would do is drive up housing prices even further.\u00a0<\/p>\n

Sukkar\u2019s plan is like eyeing off the last rubbery dim sim that\u2019s been sitting in the servo steamer since last Sunday. Penny, I know you\u2019re hungry, but if you swallow what Sukkar is selling, well, just make sure you have a hazmat suit handy, a toilet roll in the freezer, and a plumber on standby.<\/p>\n

(For the record, I have been equally unimpressed by Labor\u2019s \u2018Help to Buy\u2019 first home owners scheme.)<\/p>\n

Scott<\/em><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Hi Scott, I\u2019m 32, a teacher, and renting with my boyfriend (also a teacher). We\u2019re working hard and saving where we can, but the idea of owning a home in Melbourne still feels out of reach. 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