Home buyer grants fell dramatically in 2010

The number of people applying for a federal government first-homebuyer grant fell dramatically last year, new figures show.

According to Australian Bureau of Statistics data, which was obtained by the Daily Telegraph, only an average of 7,460 first-time buyers a month took advantage of the grant compared to an average of 19,000 in 2009.

The Telegraph investigation suggested that state governments had picked up some of the slack from the fall in federal grants, with the NSW government paying out $344 million in grants to nearly 35,000 first-time buyers in 2010.

Consumers struggling to secure finances for a property purchase could opt to compare home loans in search of the best deals. As the figures show, last year saw the federal government wind back its first-homebuyer grants.

Meanwhile, it was recently reported in the Bayside Bulletin that the federal government's new Paid Parental Leave scheme may be an important factor in helping young families cover mortgage costs.

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