Changes to the First Home Owners Grant Boost
October 1, 2009
Page MP Janelle Saffin says the stimulus created by the Federal Government’s First Home Owners Grant Boost achieved its purpose by supporting jobs and stabilising the housing sector in our region.
“As previously announced, there will be changes to the First Home Owners Grant Boost commencing today,” Ms Saffin said.
“As a part of Budget 2009-2010 the Australian Government announced an extension to the First Home Owners Boost until 31 December 2009, with changes to the payment from 1 October 2009.
“First home buyers who purchase an established house who were eligible for a $14,000 grant will now still be eligible for a $10,500 grant, while those who sign a contract to buy or construct a new home that were eligible for a $21,000 grant will be eligible for a $14,000 grant. After December 31, 2009, the original $7000 First Home Owners Grant will continue.
“A gradual phasing out of the First Home Owners Boost is the responsible way of helping the market to readjust as the grants reduce.
“As a key aspect of the Rudd Government’s stimulus plan, the First Home Owners Boost helped to stimulate not only the building and housing sectors but it also had a flow-on effect which boosted other industries such as retail and hardware.
“It has been a very successful initiative.
“Figures from the Australian Bureau of Statistics show that the Rudd Government’s National Building Economic Stimulus Plan continues to support housing sector jobs and first home buyers, with more than 153,000 Australians using the First Home Owners Boost to the end of August.
“NSW continues to lead the way, with over 53,000 applicants taking up the boost – over one third of the national total.
“First home buyers made up over one quarter of all new loans for owner occupation and overall the number of first home buyers rose by over 73 per cent in July 2009, compared with the same period last year.
“Since the First Home Owners Grant Boost was announced, the amount of houses I have seen for sale be snapped up has just astounded me.
“Everywhere I go people tell me what a great thing it was and how much it helped them be able to buy their first home.”
Lismore real estate agent Paul Deegan said: “There is no doubt that there has been a boost in sales. The First Home Owners Grant Boost has certainly enabled a lot more people to buy a new home.”
Local business owner Travis Watson was one of the many people to benefit from the First Home Owners Grant Boost.
“Like most other people I know, without the First Home Owners Grant Boost I would never have been able to save for the deposit to buy a house. With the grant I was able to produce the deposit and buy my first home, which I love. It was the push I needed to go out and buy a house,” Mr Watson said.
Information on the changes to the First Home Owners Grant boost can be found at the Department of Families, Housing, Community Services and Indigenous Affairs website at www.fahcsia.gov.au
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