Although technically speaking I am not a first home owner because this is not my first home. I have sold a unit in Sydney and looking for a house in Sydney. I am at the lower end of the market that is under $500,000. I am representative of people who are the most affected by the current state of the housing industry.

First home owners scheme seems to have many loopholes which have been widely publicised. Eg owning properties overseas but not Australia, purchasing million dollar properties, buying properties in children's names. These should all be addressed. 

I feel especially when properties are listed for auction a building and pest report should be supplied by vendor. As we now when there is a property boom, so do auctions. I feel this adds to the overheated market. The opportunity to auction a home should be limited.

Real estate agents operations are not regulated very well at all. This is also fuelling the spiralling housing market. If a house is listed for sale rather than auction, agents often conduct mini auctions with the big difference is vendors do not have to incur costs of a real auction. 

Housing finance - it is too easy to obtain finance and there should be regulations set in place so that purchases have at least 40-50% deposit before they can purchase the property. There does not seem to be a great difference between owner occupied interest rates and investor There should be a greater difference.

I know this will not please many many people but I know some people who actually sell their homes in a short period of time and as it is their principal residence they do not incur capital gains tax. I feel there should be some sort of tax on this sort of thing. I PERSONALLY KNOW PEOPLE WHO HAVE REAPED LOTS OF FINANCIAL BENEFITS BY DOING THIS SORT OF THING AT THE EXPENSE OF PEOPLE LIKE MYSELF.

Regarding housing loans. The prime minister had a separate think tank which suggested a different type of housing loan whereby the financial institution has an equity in the purchased property. Wizard home loans were looking into this but no loan product is available at present because the legalities need to be sorted out. My understanding is that the financial institutional will bear 40% loss but gain 60% of profits if property is sold despite the fact that the owner is paying 60% of the mortgage. This obviously is a considerable inbalance. I really feel there needs to be some creative loan products which will help homebuyers. 

A lot has been said about first home buyers. Not all first home buyers are disadvantaged. For example, I notice some first home buyers bid very high prices at auction and are able to buy properties which traditionally are not purchased by first home buyers, for example $700,000-$800,000.. As I said I sold a unit therefore I am not a first home buyer and my budget is up to $500,000 which is VERY DIFFICULT in the Sydney housing market. Again some assistance should be given to people who ARE VERY MUCH at the lower end of the market such as myself who obviously are at a disadvantage especially as I am a single person on an average income.