FHOG Doubled and Tripled

[dru1d]

Just in time for Christmas...

First homebuyers

First homebuyers will be eligible for grants of up to $21,000 designed to stimulate housing activity.
The scheme will be time limited. All contracts entered into by June 30 next year will be eligible for the new assistance.

The payment under the first home buyers scheme will be doubled from $7000 to $14,000 and first home buyers who buy newly-constructed home will receive an extra $14,000 taking their total grant to $21,000.

The Government will invest about $1.5 billion in the housing market over 2008/09 and 2009/10 through this initiative.

 

[ok180]

Need more details on this. Im a FHB and just signed a building contract last month. I wonder if i can have it?

 

[Spectre]

Interesting.
Whatever you're expecting seems to be doubling or tripling lately - rates, grants.

 

[Bayside]

Need more details on this. Im a FHB and just signed a building contract last month. I wonder if i can have it?

Intresting, I just recieved a letter from the State Revenue Office saying my Grant has been approved for $10k
Wondering if I will get this extra $7k........ hmmm, I hope so!

 

[silversands]

Hi Dru1d

Are you able to post a link to your source, (or anyone else for that matter)

Thanks in anticipation.

 

[willfong]

http://business.theage.com.au/business/rudd-unveils-104b-stimulus-plan-20081014-50a6.html

It's on the headline of any major domestic news sites.

 

[MarkandTina]

http://www.news.com.au/adelaidenow/story/0,22606,24492472-5006301,00.html

 

[Bayside]

Doesn't look good, just spoke with the State Revenue Office and it looks like it won't be back dated to contracts already entered into. Cunce

 

[silversands]

Thanks gang. I guess I spend too much time on here to find time to read the papers! Must address the addiction!

Jodie

 

[ffc1883_1996]

Now Rudd’s pumping liquidity into the residential housing market. If this keeps up I might even vote for him next time.

 

[Aimjoy]

Woo Hoo - I think all my properties just went up by $14K ea.

 

[fatboy4]

Go Kevvie! He's got my votes next time around.

 

[tcocaro]

21k FHOG????? announced by RUDD

http://www.news.com.au/business/money/story/0,25479,24494397-14327,00.html

understandably you guys wont mind if i cant help but smile with glee

If anyone has access or knows of the specifics i.e. whats defined as "newly-constructed home" please let me know.

 

[letiha]

Ohhhhhhhh, more $$$$$ for me.

 

[letiha]

It means that you buy some land and you build a house..... same as it always has for FHOG

 

[allblack]

When you also take in to account the shared equity scheme was just extended in WA and falling interest rates it is going to be a lot cheaper for FHB's to buy than rent, if they access all the concessions available to them. I see there is a deadline of 30 June 2009 to claim the extra FHB Grant. It is going to create a mad rush and I am concerned what will happen after this.

 

[vbplease]

what a croc of s***

I just bought my first property missing out on the new stamp duty concession threshold... now I miss out on a potential 14k!!!

bugger this, more reason for me to go back overseas again.. at least to keep my taxes to myself!!

 

[tcocaro]

does it exclude, townhouses, units, apartments etc? Need to read the fine print but thanks for the heads up. Its been a while since I have had to deal with a buyer using FHOG.

Either way this will be a good boost to turn sales.

It means that you buy some land and you build a house..... same as it always has for FHOG

 

[ok180]

Doesn't look good, just spoke with the State Revenue Office and it looks like it won't be back dated to contracts already entered into. Cunce

I spoke with them here in NSW and they still had no details

 

[Highlygeared]

That money is better spent on improving infrastructure, which creates jobs and links to the CBD in middle ring / outlying areas. Provided they can borrow, the majority of FHO's will use the $21K in new estates in the middle of nowhere and with with lousy transport; the same people will then be the first to pull stumps and add to the mortgagee in possessions when the economy declines.

When will the Govt ever learn???

Plus I think there'll be more shocks to come so instead of announcing a big bang of questionable initiatives (perhaps not the support to pensioners though), they should think things through and drip feed smaller, well thought out schemes through the course of time specifically in response to where the most pain is being felt.

When more bad news trickles down in the months ahead, they wont have anymore good news to pull out of the bag. Sentiment is very important in this economic climate. Absolute goons.