ACT boosts First Home Owners Grant
The ACT government is expected to announce changes to the First Home Owners Grant (FHOG), which will result in first home buyers receiving $12,500 if they purchase or build a new home, or buy a property that needs extensive renovation.
The new rules for FHOG is expected to commence from September 1, and will see the $7,000 FHOG for established homes abolished.
The anticipated changes to the first home owners scheme was welcomed by the residential construction sector.
The executive director of the Master Builders Association, John Miller, responded to the proposed changes by saying that such an initiative to stimulate sales is welcome, and would have a positive effect on construction by boosting competition and jobs.
President of the Real Estate Institute ACT, Michael Kumm, commented that a decision by the ACT government to boost the grant is seen as a positive initiative.
He said that it’s unfortunate that the $7,000 FHOG for established homes would no longer be available, but it will stimulate competition for new homes.