As always the Labour Party, thanks to Dr Alfred Sant, managed to come up with four measures that will help first-time buyers when purchasing their first home. Of course, for the past five years or so, property in Malta has gone sky high but income has remained the same, if not decreased due to new expenses. Therefore, Dr Sant, together with other MPs came up with diverse proposals to help first-time buyers, tagging the price of residence at Lm50,000.

This will be done by setting up a “Grant-in-aid” fund, its limit being Lm5,000 maximum. The fund will become self-financing in the long run, as those selling their property at a later date will refund the grant together with interest, thus offering assistance to other buyers. Secondly, Dr Sant declared the capping of interest rates at not higher than 4.5 per cent for seven years on loans for first-time buyers. The third resolution stated by the Labour leader is that he would escalate the limit to which reduced stamp duty applies to Lm50,000. Last but not least, the fourth proposal, where Dr Sant plans to help out those breadwinners who become unemployed after their first-time buy.

Dr Sant insisted that these measures are planned to help families reduce the financial burden and other problems generated by various aspects. He also insisted that the Housing Authority will continue to provide adequate housing so that everyone will be able to live in a decent manner; this will also increase our standard of living.

I cannot express my gratitude for the Labour Party that actually understands what it is like to be young and looking to settle down in life. Regardless of political colour, workplaces or the course you are studying at University, Labour are showing a huge potential in helping us get through these hard times.

Nikita Zammit

St Julian’s