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Social Services Minister says new first-home buyers policy needs ‘fine-tuning’

The Social Services Minister Paul Fletcher has said the details of the new home buyers policy will be “fine-tuned”.

The Coalition has announced a $500 million scheme which will allow eligible first-home buyers to have a minimum of five per cent deposit to qualify for a loan.

The scheme would be capped at 10,000 loans per year despite there being about 112,000 first-home buyers yearly.

Ross Greenwood questions the fairness of the scheme, asking the Social Services Minister, “is it fair to say that you guys are making this up on the fly?”

Mr Fletcher tells Ross Greenwood there are still aspects they need to work out.

“What we’ve done is, we’ve set out the key principals as to how this is going to work and then, of course, there will be fine-tuning we’ll do.”

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