Last night I had my regular gig on ABC radio’s Nightlife program, where I spend an hour talking about money issues, and taking talk-back from listeners live right around the country.

This week I spoke about the First Home Buyers Grant (FHBG), and in particular the sucker punch it will soon send to some first home owners who can’t see the sub $500,000 market for what it is: one of the biggest false bubbles in property history, that will soon come crashing down and take many unsuspecting, over leveraged young people with it.

It’s not a popular view.

Politician’s love it because, well, they’re the one’s who are dishing out (our) dough — and hopefully picking up a few votes in the process. Banks love it because they make money lending money. Builders love it because they take our tax dollars and put it in their pockets. Real Estate agents love it because they make their commissions flogging property.

Last night the head of the Real Estate Institute of Australia called up, live on air, to complain about my take on the boosting of the grant. For a few minutes I listened to him waffle on about why the grants were a success.

Then I lost my cool.

‘You’re talking rubbish’, I told him. ‘Tell me, how has throwing money at something ever made it cheaper?’

To hear his answer, and my advice to first home buyers check out the podcast of last night here:

http://www.abc.net.au/nightlife/stories/nightlifepodcast.htm (Tuesday Nightlife)

Tread your own path!