The Federal Budget 2009-10 released last Tuesday night had somehow eased up some pressures on buyers and sellers cashing in on the first home owners stimulus incentives.
The full first-home owner’s boost initiated last October/November 2008 will extend for the first six months of the budget period.
The extended boost will be phased out in two stages. First-home buyers during the quarter July – September 2009 will receive the full benefits. First-home buyers during the quarter October – December 2009 will receive 50 per cent.
This means first-time buyers will still get a total of $14,000 when they buy established homes and $21,000 to buy new homes for contracts entered between July 1 and September 30.
First-time buyers between October 1 and December 31 will receive $3,500 when they buy established homes and $7,000 for those buying new homes.
The first-home incentives scheme is a Federal government initiative to help stimulate housing activity and construction.
The scheme is reported to cost the government $539 million over three years. As of the date, the scheme has helped 59,000 first home buyers into their first home.
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