PN launches first-time buyer calculator after housing pledge

The Nationalist Party has launched an online calculator where prospective buyers can estimate how much they stand to save under a package of first-time buyer measures announced by Opposition leader Alex Borg last week.

The tool, which can be asked here, asks users to input a property value and current market interest rate, then breaks down projected savings across two measures.

The first is a direct cash refund of 50% of mortgage interest paid during the first 10 years of a home loan, transferred monthly by the government, subject to a cap of 1.25 percentage points on the outstanding balance; the second is an interest-free deposit loan worth up to 10% of the property's value, capped at €45,000, repayable over 40 years.

For a €250,000 property at a 3% market rate, the calculator estimates total savings of €33,075 over 10 years, €26,108 from the interest refund and €6,967 in interest saved on the deposit loan, bringing the effective monthly cost down from €858 to €625 after the refund is applied.

The calculator also compares the PN proposal against the current government scheme and the Labour Party's "My First Home" proposal for the 2026 election.

At the same property value and rate, it puts total ten-year savings at €17,000 under the current scheme and €31,151 under Labour's proposal, against €50,075 under the PN package when existing grants and stamp duty exemptions are factored in.

Borg unveiled the proposals at a mass meeting in Qormi, promising up to €46,800 in direct financial assistance over a decade.

Addressing young people at the event, he said many were struggling to afford property and described homeownership as a significant challenge for young couples, noting that he and his partner Sarah Bajada had faced similar difficulties. "We want to give young people dignity and hope," he said.