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Coalition pledges to let first home buyers deduct mortgage payments from taxes

The ABC is reporting that the Coalition has pledged that if elected, first time buyers of newly built homes would be able to deduct mortgage payments from income taxes.

The policy would mean a family on average incomes would be about $11,000 a year better off – or $55,000 over five years.

This comes as Labor has announced a $10bn plan to help build 100,000 homes for first home buyers.

We’ll bring you more details and commentary on this throughout the day as we learn more.

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