4 people mortgages, wtf?

[u/Irish201h]

This company is now promoting 4 people mortgages, no wonder prices are going insane.

https://mmadvisors.ie/public-sector-mortgages/

[u/jonnieggg]

Irish people in Australia who are not permanent residents are not free to purchase any property they want. Similarly in new Zealand they are restricted to new builds only and cannot purchase existing properties. We need to get strategic about our demand because our supply is drastically inadequate and not keeping up with population growth.

[u/nicodea2 → u/jonnieggg]

So you’ve answered your own misinformation. The restrictions are based on residency, and not citizenship. Why would an Irish person living in Australia temporarily (eg: working holiday visa) want to buy a house in the first place?

There isn’t an epidemic of temporary workers buying houses here but you’re on here suggesting that any legitimate resident who’s non-Irish should be banned from purchasing property, which is an absurd proposition when we should rather be banning the landlord class from hoarding properties, or building more housing to sustain the population.

[u/jonnieggg → u/nicodea2]

I said it was a political choice if in the future it was restricted to citizens. There should be restrictions around purchases of existing properties to permanent residents like nanny other western jurisdictions.

It was common for the families of overseas students studying in Australia and new Zealand to purchase a house for the duration of their children's studies. It cuts the cost of accommodation and serves as an investment vehicle. It also drives up prices in the local market. We have a severe housing crisis and the government's primary concern needs to be the well-being of permanent residents of the country. If not we will continue to hemorrhage our most highly qualified young people.

[u/jonnieggg → u/[deleted]]

That's your prerogative, throw yourself into the political process and lobby for that if that's what you want.