The Aussie Home Loans founder ought to know that Labor isn't planning to hit negative gearing on all established housing overnight.

John Symond has been backed by Malcolm Turnbull.

On implementation, in July 2017, established housing would be exempted. Existing negative gearing arrangements would be "grandfathered''. That means that anyone already negative gearing a property could keep doing it for as long as they liked, or until they sold. Whenever they sold, at whatever time in the future, they would get the existing capital gains tax discount, instead of the smaller one that would apply to new investors from then on. If anything, the grandfathering would lock them in, slowing the impact of the change.

2) "I don't know whether prices will drop 10 per cent, 20 per cent or more. There's others out there saying it could drop 30 per cent or 40 per cent. I wouldn't think it would drop that much, but one thing I am prepared to bet on it will definitely drop the value of homes."

The government's economic modeller of choice on negative gearing, BIS Shrapnel, finds that after 10 years of a policy similar to Labor's, Sydney home unit prices would be 15 per cent higher. Without Labor's policy, they would be 22 per cent higher. The main impact of Labor's policy would be to slow price rises, something an honest broker trying to get people into houses ought to want.