The Australian Government has announced a First Home Owner Boost.
According to the announcement from the Commonwealth, first home buyers now receive an automatic doubling of the First Home Owners Grant to $14,000. First home buyers building their first home receive an additional $7,000 raising their grant to $21,000.
This is a big boost especially to our kababayans. Culturally, we are known to place home purchase and ownership in our list of top priorities. This is one opportuniity we should not miss.
As with other grants, there are of course certain requirements to meet. Eligible buyers will need to enter into a contract before June 30, 2009 to receive the increased payments. In the case of new property, as long as there is a valid contract to purchase, the home will not have to be completed by that date.
There are no income or assets tests to qualify for the benefits.
Some quarters say this move will drive up prices, but others disagree because of current uncertain economic conditions.
With interest rates and prices falling, now is the time to look into those first home buyers grants.
Our readers may wish to check the First Home website of the government to see if you are eligible. #
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