The Federal Government recently announced that they will be extending the First Home Owner Boost through to the end of the calendar year. This means that first time home buyers will be given an additional six month to take full advantage of the free government stimulus money being offered.
Good News For First Time Home Buyers
The ability to cash in on free government grant money to purchase a new home is one that many first time home buyers do not want to pass up. With the original deadline of June 30th fast approaching there was much debate and discussion about the possibility of extending the deadline to give more first home buyers a chance to take advantage of the money provided. Even though the deadline has been extended the news is not all good.
Amount Of Funds Offered Diminishes As Year Comes To An End
In extending the deadline the Government is hoping to allow more first time home buyers to get a helping hand with the purchase of their new home. But waiting until the last minute to cash in on this great deal will cost you some money. Starting in October the benefit offered will be halved.
The existing First Home Owner’s Grant will stay the same, providing $7000 to new home owners who purchase a home that is already built, and $14,000 to those who build a new construction home. Starting October 1st the Government will provide new home owners with a modest $3500 for existing homes and $7000 for newly built homes.
Breaking Down The Numbers
When combined with the First Home Owner’s Grant first time property owners will be getting $10,500 for existing homes and $14,000 for newly built homes, down from the previous $14,000 for existing homes and $21,000 for new construction that is currently being offered. This change will occur on October 1.
Property Options Australia
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Hi Sean,
I guess the government grant money had to come to an end at some time. I’m not sure that it was a great thing in the first place. I think the intention of the government was good but I think it pretty much just caused prices to go up in that end of a property market.
This may be in response to their other financial stimulus pakages…they had to get the money from somewhere? Who knows…they may increase it in response to future market forces.