First home owners grant in demand

New figures have revealed that more than 42,000 people have taken up the Federal Government's first home buyers grant since extra money was poured into the scheme last October.

The first home buyers grant was, doubled from $7000 to $14,000 under the Government's $1.5 billion first home buyers boost. First home buyers who purchased a new home received an additional $7000 from the government taking their total to $21,000.

Housing minister Tanya Pilbersek said that Australians had been taking up the boost at a rate of more than 12,500 a month. Thousands of first home buyers are entering the market due to low interest rates and the boost.

Ms.Pilbersek said that a strong housing market was critical for installing confidence and supporting jobs in the Australian economy.

NSW has seen the highest number of first home owners receiving the boost with 14,404 followed by Queensland with 9319 and Victoria with 8632. In Western Australia about 4,200 first home buyers entered the market since October last year more than 3,300 from South Australia and 1135 from Tasmania.

The housing minister stated that builders and developers have told her that the First Home Owners Boost is working, and that some builders have also seen signs of more second and third home buyers.

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Published on April 4-nd, 2009 in Home Loans
Damon Rasheed is the CEO of Rate Detective, an Australian financial service comparison sites specialising in Life Insurance, Income Protection Insurance and home loans. Damon holds a Master's Degree in Economics from the University of Melbourne and has been involved in many start-up internet businesses.
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