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First Home Owner grants abolished to cut costs

The Tasmanian government is the latest to announce it will be cutting First Home Owner grants.

As a way of boosting Australia's balance sheet, parts of the country have been abolishing their First Home Owner Grants.

When presenting the State Budget for Tasmania, Premier Lara Giddings announced that the First Home Owner Grant and the First Home Builder Boost would be abolished.

This is as part of a plan to return Australia to surplus following the revelation of a higher than expected trade deficit of $425 million.

However, this decision has been condemned by the Real Estate Institute of Australia (REIA), which said the government is abandoning first time buyers.

As well as Tasmania, other territories that have cut or said they will be cutting help for first time buyers are Victoria, New South Wales, South Australia and Queensland.

REIA added the measures ignored an intergovernmental agreement in 2000 that said provisions for first home buyers would be uniform across Australia and that they would be delivered both for new builds and already established dwellings.

Posted by Steve Douglas

 

 

- grant, REIA, budget, property, first

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