UAP out to punish Libs and Labor with preference freeze

United Australia Party's billionaire chairman Clive Palmer has declared it will not preference any of the major parties in the upcoming Federal election.

"The Liberals, Labor and Greens will all be at the bottom of our ticket," Mr Palmer said.

He accused the Liberals and Labor of burying Australia under one trillion dollars of debt, with Australian homeowners now staring down the barrel of a mortgage crunch.

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"We are facing a crisis," he said.

"Forty per cent of Australians are already in mortgage stress."

He predicted many Australians would lose their homes when a series of expected interest rate rises kick in this year.

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Mr Palmer claimed 60 per cent of homeowners could face major default risks if the Reserve Bank raised interest rates to 4 per cent, "which it most certainly will".

The UAP would fix home loans at below 3 per cent for the next five years, he said.

Speaking on Today, Mr Palmer did not divulge how much he was planning to spend on the UAP's campaign, but the mining magnate has previously said he would splurge about $70 million on the coming election.

Australians will go to the polls on May 21, with Prime Minister Scott Morrison looking to win a second term in office.

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