The delay in changes to the First Home Owners Grant (FHOG) is good news for many buyers.
Legislative changes to the distribution of the FHOG were anticipated to take effect last Sunday, however, parliament has not yet passed the necessary Bill.
The state government announced changes to the FHOG in the August budget and was aiming for 15 September as the change-over date, but parliament has not yet fully processed this legislation so the change now looks like happening in October.
This is good news for the 70 per cent of first home buyers who prefer to purchase existing, older homes rather than building new.
Currently first home buyers are eligible for a grant of $7,000 whether they buy an established home or build a new one. However, once the FHOG change takes effect the grant will drop to $3,000 for established homes and lift to $10,000 for new-builds.
The current delay in the change means that first home buyers looking for an established property have a few more weeks to access the higher grant and, conversely, those who want to buy a block and build will be likely to hold back until the grant lifts to $10,000.
The delay in changes to the First Home Owners Grant (FHOG) is good news for many buyers.
Legislative changes to the distribution of the FHOG were anticipated to take effect last Sunday, however, parliament has not yet passed the necessary Bill.
The state government announced changes to the FHOG in the August budget and was aiming for 15 September as the change-over date, but parliament has not yet fully processed this legislation so the change now looks like happening in October.
This is good news for the 70 per cent of first home buyers who prefer to purchase existing, older homes rather than building new.
Currently first home buyers are eligible for a grant of $7,000 whether they buy an established home or build a new one. However, once the FHOG change takes effect the grant will drop to $3,000 for established homes and lift to $10,000 for new-builds.
The current delay in the change means that first home buyers looking for an established property have a few more weeks to access the higher grant and, conversely, those who want to buy a block and build will be likely to hold back until the grant lifts to $10,000.
So a few more weeks, and then what ,encourage people to build more houses , and encourage them to buy less secondhand houses.
and its not just houses but units, so more encouragement of people to buy new units being built by developers and steer away from secondhand established units, but still remembering it is only first home buyers in this situation, but first home buyers acting, usually in established buying of homes tends to spur the market. so not so much spurring in a few weeks time. the thing to remember is that once a new house or unit has been built and bought it is just ANOTHER established home for potential sale , especially since the economy is tanking along with jobs. So it will be good luck to the government and their mindless strategies and their idea to create even more houses and units into the market place which if anything will only knock house prices down even further as the economy slows further as time goes by. They think they can spur the economy by offering grants to people to build new homes or units forgetting thats jobs are dissapearing by the day in record numbers and you cant get a lone without a job. The only problem now is with people now losing their jobs ,they will be losing many of those new homes that have been built over the last few years , now being established homes they are not entitled for any grants ina few weeks . So timmy the price of established homes will now come down quicker than they already were. And the rush to get out and buy to get this freebie before it ends in a few weeks time will be over. So for the next few weeks it will be a frenzy to rush out and buy an established homes or units, while not wanting to purchase a new home or unit as that grant will increase by 3k in a few weeks time ,and then its all over, I mean where does an extra 3k get you in a new build these days, a fancy toilet and shower, big deal.
Yes, he did appear to allude to doing it didn't he?
I suppose that doesn't necessarily mean he will but he was making the noises. So you're not okay with the fat tax advantages available to investors either? Specifically, which help them out-compete first time buyers. So they can buy existing houses and recycle them for ever higher prices.
At least such a grant might encourage more stock to be added, though it too is likely to feed into rising prices.
Investors pay much more in taxes than they get back.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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