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First Home Owner Boost could return this year: Aussie Home Loans founder John Symond
Topic Started: 7 Jan 2012, 09:53 AM (2,400 Views)
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First-home owner's boost could return this year: John Symond

By Larry Schlesinger
Friday, 06 January 2012

The government could bring back the first-home owner’s boost scheme as early as this year to help stimulate the property market and win 2013 election votes, according to Aussie Home Loans founder John Symond.

Symond says it is generally true that “in any run-up to an election the government throws money around”.

“Probably my cynical self says six to 12 months ahead of the next election, it would not surprise me that the government might stimulate housing by helping first-home buyers and they may possibly introduce a bonus or a boost to the first-home owner’s grant,” he says.

The earliest date for the next federal election is August 3, 2013 (unless the government calls an early election) and an election must be held by November 30, 2013, meaning if Symond’s prediction proves accurate the boost to the first-home owner’s scheme could return in the latter half of the year.

The original scheme ran from October 2008 to December 2009 with the aim of “cushion[ing] the Australian economy from the worst impacts” of the GFC.

Up until September 30, 2009, it provided first-time buyers with an extra $7,000 to purchase an existing home and $14,000 if they purchased a newly constructed home or built a new home. The scheme operated in tandem with the $7,000 on offer as part of the first-home owner’s grant, which is still in effect.

Between October 2009 and December 2009, the first-home owner’s booost was halved, with $3,500 available for the purchase of established homes and $7,000 for the purchase of new homes.

Symond says while no one can be certain of the boost returning, he tips that “come federal election time there might be some handout for first-home buyers”.

Regardless of that, he says the market is looking good for first-home buyers, with “all the ducks lining up – lower price values, lower interest rates, makes it easier to save and easier to get into home ownership”.

“The environment for first home owners going forward is looking pretty good,” Symond says.

Symond plans to grow broker numbers by 25% in 2012 to more than 1,000 after posting strong 2011 results with profits soaring to $52 million.

Read more: http://www.propertyobserver.com.au/residential/first-home-owner-s-boost-could-return-this-year-john-symond/2012010552968
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zaph
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i doubt the government will attempt to buy votes through a first home owners boost. it doesn't have broad enough voter appeal. reduced taxes or higher middle class welfare will buy far more votes.

also, i think it is a widely held belief now that the boost only increased prices, and the government should know that. although they might manage to fool the sheeple by calling it a first home owners bonus or a first home owners affordability scheme, or even the building the first home owners revolution.
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NotFooled
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zaph
7 Jan 2012, 11:22 AM
reduced taxes or higher middle class welfare will buy far more votes.
Good observation, middle class welfare is a tried 'n true vote buyer. Maybe a bigger baby bonus will be on the cards as well.
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zaph
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NotFooled
7 Jan 2012, 11:31 AM
Good observation, middle class welfare is a tried 'n true vote buyer. Maybe a bigger baby bonus will be on the cards as well.
again too narrow. combined with higher contribution limits to super for older Australians and increased family tax handouts it might do the trick.
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Perthite
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Pressures from the building industry and a deteriorating job market over the next calendar year could see it targeted at new homes only.
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Andrew
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Perthite
7 Jan 2012, 04:55 PM
Pressures from the building industry and a deteriorating job market over the next calendar year could see it targeted at new homes only.
the often pronounced goal of achieving surplus in the near future might prevent more middle class welfare (and in my opinion, it should).

Surplus will be particular hard to achieve if exports to China slow
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earthsta
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Perthite
7 Jan 2012, 04:55 PM
Pressures from the building industry and a deteriorating job market over the next calendar year could see it targeted at new homes only.
Which wouldn't be a bad thing as long as they created a DB of all major/intermediate builders beforehand, sampling their offerings, and selectively doing subsequent checks of prices.

This woud be to ensure no price gouging

With those caveats, I see no problem with a New Home Owner Boost
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Gossamer
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The government is hell bent on returning the budget to surplus. For them to achieve the surplus will prevent any money being spent on stimulating the economy.
Common sense is a curse - those who have it need to suffer dealing with those who don't have it.

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Nelson
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Perthite
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Gossamer
8 Jan 2012, 09:17 PM
The government is hell bent on returning the budget to surplus. For them to achieve the surplus will prevent any money being spent on stimulating the economy.
A small carrot aimed at new homes only, say doubling the 7k to 14k. This would end up making the government more in extra taxes etc from the extra economic activity than the cost of the grant. This is why we can not totally write off this action as a possibility.
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Rethink urged on first home bonus

Josh Gordon
April 2, 2012

THE first home bonus offering cash for newly built homes should be scrapped and replaced with new measures to tackle housing affordability for all first home buyers, according to the real estate sector.

In a submission for the state budget, the Real Estate Institute of Victoria said the bonus - offering first home buyers $13,000 for newly built houses in the city, or $19,500 for regional areas - had served its purpose.

The bonus, which is paid in addition to the $7000 first home owners grant, has been funded by the Baillieu government until June 30. But it remains unclear whether it will continue.

A spokeswoman said a decision would be announced in the May 1 state budget.

"The Victorian coalition government is phasing in concessions for first home buyers to cut stamp duty by 50 per cent by September 2014,'' she said. "In addition, we are spending $95.3 million this financial year to extend the first home bonus.''

REIV chief executive Enzo Raimondo said the aim of the scheme to encourage home building had been met, and the money would be better spent offering assistance to all first home buyers, not only those purchasing new homes.

Read more: http://www.theage.com.au/victoria/rethink-urged-on-first-home-bonus-20120401-1w6mk.html#ixzz1qpcq0C00
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