Borrowers are being urged to "get in quick" and purchase before the Queensland government scraps its first-home buyers' incentive, hinting that now could be a great time to sell.
Premier Campbell Newman announced on Tuesday his government would replace the $7,000 grant in October with a $15,000 one for buyers of new builds only.
The rush to purchase before the scheme runs out was confirmed by BrokerLoans’ Paul Gollan, who told Australian Broker he had witnessed estate agents calling clients immediately after the announcement was made.
"[They're] calling up first home owners at the moment, letting them know that if they want to buy a property the first home owners' grant runs out in October," he revealed.
Brokerage Mortgage Choice is now urging serious buyers to take advantage of the existing system while it is still in effect.
“We encourage first homebuyers who have done their sums and who are prepared to buy, to contact their local mortgage broker to arrange loan pre-approval now so they are one step ahead in the loan process," she said.
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