Extra cash 'will give boost' for first-home buyers
As part of a raft of measures to help first-home buyers struggling to get on to the property ladder, the government has doubled the amount of cash available under its first-home buyer grants scheme.
New rules will allow first-home buyers looking to buy to get as much as $14,000 from government coffers in order to give them a boost on to the housing ladder, while those first-time buyers looking to build will get as much $21,000 in federal assistance.
The extension of the homebuyers grant ties in with the recent launch of the first-home savers account, which offers first-home buyers a 17 per cent bonus for the first $5,000 stored in the savings accounts every year.
Introduced in 2000, the scheme has proved popular among many first-home buyers, who are able to apply for the non-means tested grants via their bank or lending provider.
In addition to being offered to first-home buyers on any income, the grant is also available for purchase of a property of any value.