The REIV has welcomed the combined action of the state and federal governments to continue the grants, boosts and bonuses for first home buyers.
REIV CEO Enzo Raimondo said that the extension of the assistance would help thousands more first home buyers purchase their first home.
“As of the 1st of July a first home buyer in Victoria will be eligible for $16,000 for an established home and $12,500 after 30 September in combined assistance from the State’s grant and bonus and the Federal government’s boost.
“Without the decision in both budgets first home buyers would have been left with only the $7,000 grant.
“The REIV welcomes not only the extension but the sensible decision to phase the boost out rather than end it suddenly.
“Phasing the boost out is a far better decision than letting it stop immediately. It will result in a smoother transition and reduce the pressure on first home buyers.
“The assistance for first home buyers has been a key driver in the local property market and I look forward to its continued benefit into the spring selling season,” Mr Raimondo concluded.
First Home Owners Assistance – established homes
| Grant | Bonus | Boost | Total | |
| 1 July – 30 September 2009 | $ 7,000 | $ 2,000 | $ 7,000 | $ 16,000 |
| 1 October – 31 December 2009 | $ 7,000 | $ 2,000 | $ 3,500 | $ 12,500 |
| 1 January – 30 June 2010 | $ 7,000 | $2,000 | - | $ 9,000 |
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