First homebuyer grants must come back: REINSW

By |

The Real Estate Institute of New South Wales (REINSW) is calling on the state government to reinstate first homebuyer incentives following a decrease in the number of first homebuyer sales.

“First homebuyers are an essential link in the chain of the entire market and by excluding them it causes a great disturbance,” said REINSW president Christian Payne.

Payne added that first homebuyers are a unique category of property consumers and that ‘the jump they have to make from a standing start to acquiring a property’ can be huge.

“The current strategy of directing first homebuyers to new property has not achieved what they wanted. In fact, it has adversely affected the volume of property transactions,” he said.

Need help getting started in property? Get expert advice here

The $7,000 first homebuyers’ grant for those buying existing properties was abolished in September last year and replaced with a new grant of $15,000 for first home buyers purchasing newly built dwellings.

However, Payne said the new system is too problematic.

“The strategy of the government to direct first homebuyers towards new property is flawed because it suggests demand is the issue, when in fact supply is the issue. The inhibitors of supply are the convoluted planning system and the government’s dependency on property taxation.”

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Top Suburbs : berala , westmead , narara , alexandria , west rockhampton

go back

Get help financing your investment

Do you need help finding the right loan for your investment?

When investing in property, it is important to make sure that you not only have the best rate available, but also have the correct loan features for your needs.

Just fill in a few details below and we'll then arrange for an Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even do the running around and the paperwork. Plus, our mortgage broking service is at no cost to you.

How soon would you like a mortgage?
What is your Annual Household Income i $
Do you currently own any Investment Properties?
Do you own your own residence?
How much equity do you have in all your current properties?
First Name
Last Name
Where do you live?
What number can we reach you on?
E-mail address
We value your privacy and treat all your information seriously - you can check out our privacy policy here