“It’s important for first home buyers to act now if they want to receive the maximum grant before it is phased out,” said Real Estate Institute of Australia (REIA) President, Mr David Airey.
“To assist consumers with eligibility requirements and information about obtaining the Boost, the Government has a website1 to direct potential first home buyers to their relevant state or territory revenue office,” he said.
The decision made by the Government to extend the Boost as part of the Federal Budget reflects the position the REIA presented to Government, which was to extend the Boost for both new and existing homes and introduce a plan to phase the Boost out gradually.
“It is great to see the number of first home buyers in Australia that have been able to secure a home since the FHOG Boost was implemented,” concluded Mr Airey.
“Australian Bureau of Statistics (ABS) figures have shown that the proportion of first home buyers has increased from 19.5 per cent in October 2008 to a record 28.5 per cent in May 2009. Government figures show that at the end of July, 137,000 homes had been purchased with the aid of the FHOG Boost,” he said.