Global Power | Local Knowledge | Uniquely Personal

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



DISCLAIMER: All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

COPYRIGHT: All information provided is protected by international copyright laws. You may not copy, reproduce, distribute, publish, display, perform, modify, create derivative works, transmit, or in any way exploit any such content, nor may you distribute any part of this content over any network. Copying or storing any content is expressly prohibited without prior written permission of SMATS Group or the copyright holder identified in the individual content's copyright notice. For permission to use the content on please contact

Subscribe Now