The Federal Government is under pressure to reveal if it plans to make any changes to the first home owner grant in next month's Budget.The first home owner grant was doubled from $7,000 to $14,000, and tripled for those buying newly-built homes to $21,000, to help the housing sector through tough economic times.Tanner under pressure on home buyers grant - ABC News (Australian Broadcasting Corporation)
Acting Treasurer Lindsay Tanner will not say if the Budget will include an extension or changes to the scheme, but he has warned prospective buyers the increased grant is limited.
"We're not going to have a first home owners grant at the level that it's been forever," he said.
Earlier this week Prime Minister Kevin Rudd kickstarted speculation on the grant's future when he said "all good things must come to an end." Ron Silverberg from the Housing Industry Association says the uncertainty could see people rush into buying to secure the extra assistance.
"It probably would be desirable that the Government clarify the situation," he said."It will be a very hectic weekend through builders' display homes and real estate agents' offices."
Shadow Treasurer Joe Hockey says there are problems with the current scheme. "The first home owners grant may be pushing up the prices of housing," he said.
The increased grant is currently due to end on June 30 and the Government says a decision will be announced when the Budget is handed down next month.
First Home Loan Specialists Comment
It looks like the debate will never end. Will they continue the first home owners grant?
No-one knows!
Greg Brierley
Principal
T: 1300 884 809
E: greg@firsthomeloanspecialist.com.au
W: www.firsthomeloanspecialist.com.au
Blog: www.firsthomeloanspecialists.blogspot.com
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