First Home Buyers Update

22 June 08

1^st home buyers who pool with others to break into the property market could lose their claims on the Federal Government's first home owner grant. To be eligible, buyers must be 18+ and not have held a financial stake in a residential property though there are other conditions as well. REIQ managing director Dan Molloy urged buyers to research their eligibility criteria. Any considering "joining forces with friends or family" should assess whether the benefit outweighed being eligible for the grant.

On a more positive note, measures in this month's state budget will allow first home buyers to escape stamp duty costs if the purchase price is under $500,000.

Source: Sun-Herald 22^nd June, 2008