Your Investment Property forum is the place for positive industry interaction and welcomes your professional and informed opinion.

NSW scraps First Home Owner Grant

Notify me of new replies via email
Your Investment Property | 12 Jun 2012, 12:00 AM Agree 0
The NSW Government has scrapped the existing $7,000 grant for first homebuyers in its latest budget, but some buyers are set to receive more than $35,000 in state-backed incentives. Are you in the frame to receive mega first homebuyer freebies?
  • Peter | 12 Jun 2012, 08:28 PM Agree 0
    I think scraping the First Home Buyers Grant for the purchase of an existing home stinks and is grossly unfair for young people who are on below average incomes. How are they going to afford a brand new home with all the trimmings - the banks would only laugh them out of the Loan Managers office. The Liberal Govt. are forgetting about young people in regional areas who also would like assistance in getting into their first home, but can only afford a 'bread and butter' property, as their incomes are much lower than those working in the city. Having said this, we all know Property Developers are big donators to the Liberals, especially at election time. As much as the Labour Govt. did very little to improve infrastructure, health and education in NSW, at least they didnt discriminate between buying a new or existing property. What about the people who want to sell their homes, the only buyers will be Investors (who all want a bargain well below valuation), or owner/occupiers who are selling/buying for various reasons.
    Barry, please go back to the drawing board and start again. The Property Market in NSW badly needs a bomb under it, so please light the fuse and lets get cracking. Please dont be one sided, be fair and give everyone who wants to buy their first home a go.
    While I am on my soap box, what is the State and Federal Govts, going to do about regulating the Property Advisory Industry. They need to be treated and regulated in exactly the same way as the Mortgage Broker Industry. There are far to many cases of ordinary people being ripped off and conned by all these spruickers that are coming out of the woodwork.
  • Catherine | 17 Jun 2012, 07:10 PM Agree 0
    Obviously the government have not thought this through properly and how can they possibly think young population are going to afford a brand new home , this is ridiculous! I'm in my early 20's looking To buy but how can I if stamp duty is just a rip off and you have to understand us young people have To live in this expensive country Australia has become we only just get by , by taking away the first home owners grant the government will just lose more no one will buy , people are investing in other countries as ours is just ridiculously expensive if the government want to push the young generation to buy homes they should really up the grant for second hand homes and throw away stamp duty . No young person can and will afford a brand new house so think the givernment is waisting there time in offering a not so good scheme that will not benefit any of us younger generation. The banks will laugh at us trying to get a higher loan than we can afford and that's what we ate looking at I'f we are being forced to buy brand new homes your looking at 600,000$ minimum and up and further away from the city . ! Seriously how are any of us going To afford that .
  • Joe | 23 Feb 2013, 02:04 PM Agree 0
    Move to victoria!!! I live in albury and am considering that 10 km away in wodonga i can get the bonus but in my home state for an existing home i cannot???
Post a reply