 FHOG boost to stay till December
The boost to the first home owners grant will be extended to December, allowing first home buyers more time to sign their contracts.
The boost is now running in full for a further three months, then after September up until December, the grant will be reduced.
The highly anticipated move, which will help stimulate housing activity and construction, will cost the Government $539 million over three years.
So far, the first-home owner's boost has helped 59,000 Australians buy their first home.
First-home owners who sign contracts between July 1 and September 30 will continue to receive the full boost which was doubled for established homes and tripled for new homes. After September, this will be halved.
It is hoped that by extending the boost, the rush to buy property will ease and make it easier for first home buyers to find their first home. Inflated prices may ease slightly also, with the rush subsiding.
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