Support for First Home Grant extension
The housing industry has welcomed the Prime Minister’s promise yesterday to extend the First Home Owners Grant scheme into next year. The $14,000 grant for newly built first homes will continue until 1 July 2002, but at a reduced rate of $10,000, rather than reverting in January to the $7000 that applies to the first purchase of established homes. Other measures announced as part of the extension are:
The current requirement for builders to commence construction within 16 weeks of a contract signing will be increased to 26 weeks, effective from 10 November; and
The date for completion of new homes has been extended from 12 months to 18 months, again with effect from 10 November.
The ALP also announced yesterday that they had agreed to match the Prime Minister’s commitment to the scheme’s extension.
Both the Housing Industry Association (HIA) and Master Builders Australia (MBA) have supported the extension of the grant.
John Murray, Master Builders Australia’s National Executive Director, said, “The Prime Minister’s promise will provide the housing industry with greater certainty and underpin a solid housing recovery against the backdrop of increasing global uncertainty.
“The initiative is a measured response to the concerns of industry for stability and for a sustained housing recovery over what is now likely to be a difficult period for the domestic economy over the next twelve months.”
8-Feb-2002