The Federal Government has sought to maintain the momentum within the housing sector by extending the period of the increased First Home Owners Grant Scheme by six months.
It said the increased grant, first announced in last year’s stimulus package, would be extended for six months but at progressively lower rates.
For the first six months it will be maintained at the current rate of $7,000 for existing homes and $14,000 for new homes before, after three months, it is halved and then eventually phased back to normal arrangements.
The Government’s strategy is aimed at preventing a bubble in the home building industry caused by a massive pull forward in work.
