Boost to first home buyers

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The Federal Government has announced a First Home Owners Boostinitiative that will help thousands of prospective home buyers,according to the Real Estate Institute of Queensland (REIQ).


The Boost, which came into effect on 14 October 2008, will see theoriginal First Home Owners Grant of $7,000 doubled to $14,000 for firsthome buyers who purchase established homes, and tripled for thepurchase of newly constructed homes that meet State energy efficiencyand sustainability standards.


All contracts entered into by 30 June 2009 will be eligible for the new additional assistance.

"The Federal Government's First Home Owners Boost is particularlygood news for first home buyers in Queensland, who this year have alsobenefited from the new stamp duty threshold of $500,000 as well as steady property prices," said REIQ managing director Dan Molloy.


"Of all the dwellings financed in Queensland in August this year,only 15 per cent were for first home buyers. Historically this figurehas been 20 per cent but has fallen over the past five years due todeclining housing affordability.


"While the current economic conditions are unprecedented in moderntimes, this initiative and lower interest rates will encourage morefirst home buyers who have stable employment and the ability toadequately service repayments into the market."

exactly good news ...for first home buyers......

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