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Overseas Property News
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Australia extends first home funding
Country: Australia
13 May 2009 The Australian government has opted to extend the first home grant until October this year, ending speculation that it would be scrapped in June. Prime minister, Kevin Rudd, was under pressure, after he hinted that the $21,000 (£14,200) first-home buyers grant would be withdrawn at this week’s budget announcement. Industry experts believe that a withdrawal of the first-home buyers grant would have been devastating for the construction sector and struggling housing market, as demand for property in Australia would probably have waned. The Government raised the grant in October from $7,000 (£4,740) to $21,000 (£14,200) for new homes and to $14,000 for existing homes, to insulate the building industry from job losses caused by the global financial crisis, as part of a $10.4bn (£7bn) stimulus package.
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