Good news for those first home buyers still saving up their pennies, with last night’s Budget extending the current Boost to the First Home Owners Grant. Eligible buyers get $14,000 toward their purchase ($21,000 for new property) and that incentive’s now been extended to September 30th 2009.
From October 1st to december 31st it’ll drop back to $10,500 and $14,000 respectively, then from Jan 1st 2010 we’re back to the long-running Grant of $7,000 only.
There’s been a real run of first home buyer sales recently and this extension will give them more time, taking some of the pressure off their decision-making.
With such a strong ‘pull-forward’ of demand having already occurred it’s fair to ask how many first time buyers are left? And more importantly, how many that can get a loan in the new credit world we live in?