Pressure on Rudd to stretch first-home buyers grant

Wednesday 14 January 2009

Article by Mozo

Kevin Rudd’s peers are piling on the pressure to extend the first-home buyers grant after figures show it was a resounding success in its first month.

Figures from the Australian Bureau of Statistics show that the purchase of new homes increased some ten per cent when the extended grants came on the market in October of last year.

Now, home loan experts have called for the first home buyers grant scheme – which is due to expire on June 30th – to be extended in a bid to help turn the property market around in the long term.

The call comes after Scott Morrison warned that the country will need more than short-term relief in the form of first-home buyers grants if the housing market is going to get back on its feet.

Elsewhere, the Australian Associated Press has reported that the proportion of properties owned by first-home buyers in Australia has risen to a seven-year high as new low-interest home loans and grants have helped people into the market.ADNFCR-1761-ID-18973539-ADNFCR

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