THE REIV has welcomed the combined action of the state and federal governments to continue the grants, boosts and bonuses for first-home buyers.
From 1 July a first-home buyer in metropolitan Melbourne will be eligible for $16,000 for an established home and, from September 30, $12,500 in combined assistance from the federal and state governments.
The State Government has announced it will extend the regional bonus for first-home buyers in the new financial year. This means that from July 1 first-home buyers can access assistance of up to $36,500 for a new house.
The REIV welcomes the extension to the first-home owner assistance and believes it is a sensible decision to phase out the boost rather than end it suddenly. Phasing out the boost will result in a smoother transition and reduce the pressure on first-home buyers.
Though government assistance is making it easier for first-home buyers to enter the market, it’s still vitally important that homebuyers take note that interest rates are at record lows and will almost certainly rise.
So it’s important to set budgets knowing mortgage repayments will probably rise.
