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This blog helps the property buying community to more easily share strategies, stories and helpful tips. It is an open blog. Anyone can join, contribute and invite others to join.

If you would like to talk property, please contact us:
Office: 1300 911 576
Martyn Fleming: 0400 000 822
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14 October 2008

First Home Buyers of Australia

Great news - A summary from one of our Broker Network in Melbourne Australia, Warren Minette. Warren has put together a summary of the Government's latest announcement relating to the First Home Buyers Grant.

First home buyers will be eligible for grants of up to $21,000 under a decisive Rudd Government initiative designed to stimulate housing activity and give first home buyers a better chance in the housing market.

The government today announced as part of an emergency $10.4 billion package to boost consumer confidence and economic growth in the face of the global financial crisis. Under the plan the first home buyer grant will double to $14,000 for established homes, and triple to $21,000 for the purchase of new homes. Other measures include a family Christmas bonus of $1,000 per child and similar payments to pensioners.

Kevin Rudd said the strategy would “strengthen the national economy and support Australian households, given the risk of a deep and prolonged global economic slowdown”. Current rules of the first home owners grant until this change was made a payment of up to $7000 to eligible first home owners was available.

New rules of the first home owners grant under this new initiative, first home buyers who purchase established homes will have their grant which they are currently entitled to double from $7,000 to $14,000; and First home buyers who purchase a newly-constructed home will receive an extra $14,000 to take their total grant to $21,000. First home buyers will be eligible for the First Home Owners Boost from today (14 October, 2008). All contracts entered into by 30 June, 2009 will be eligible for this new additional assistance.

Kindest Regards, Warren Minnette
Central Mortgage - 0417 136 757
Accredited Mortgage Broker

Before entering into any contracts you should speak to a professional advisor. For more detailed information and to check your eligibility contact Morpheus Property, speak to your accountant or visit the Queensland Government website at - Please pass this information on to any potential first home buyers you know.

Yours in Property


Micheal said...

Thank you for sharing a nice post..It is very useful.A home buyer should be able to seek loan programs that offer low down payments. These are the best for first time home buyers.
Australia home loans

Martyn Fleming - Buyer's Agent said...

Appreciate your comment Michael.

In the spirit of offering discounts to first home buyers, Morpheus Property has also slashed it's service fees from 2.2% down to 1.65% for anyone eligible for the first home owner's grant (FHOG).

However, first home buyers need to move quickly. The market has already shown signs it's on the move again.