Newspaper article The Chronicle (Toowoomba, Australia)

Grant Offers Great Value for Toowoomba First Home Buyers

Newspaper article The Chronicle (Toowoomba, Australia)

Grant Offers Great Value for Toowoomba First Home Buyers

Article excerpt

THE First Home Owner Grant (FHOG) is of more value to first home buyers in Toowoomba than many other parts of Queensland according to Warwick Temby, executive director Housing Industry Association (HIA) Queensland.

The Federal Government's recently announced First Home Owner Boost (FHOB), which supplements the state & territories government funded FHOG scheme has been warmly welcomed by industry bodies.

"$21,000 can go a lot further towards the cost of building a new home in Toowoomba than say Brisbane or the Gold Coast, because housing in Toowoomba is so much more affordable to begin with," he said.

According to the Real Estate Institute of Queensland (REIQ) the initiative will help thousands of prospective home buyers especially in Queensland.

"The Federal Government's First Home Owners Boost is particularly good news for first home buyers in Queensland, who this year have also benefited from the new stamp duty threshold of $500,000 as well as steady property prices," REIQ managing director Dan Molloy said.

"While the current economic conditions are unprecedented in modern times, this initiative and lower interest rates will encourage more first home buyers who have stable employment and the ability to adequately service repayments into the market."

REIQ zone chairman Leon Carlile said there has been a noticeable increase in interest over the last couple of weeks.

"With Toowoomba continuing to offer the most affordable homes in South East Queensland, now is a great time to get into the market" he said.

Mr Carlile said it's often heard that it's too difficult for young couples to afford to buy a home but with the boost to the FHOG and the recent drop in interest rates now is an opportune time for young people to get started.

HIA, Australia's largest building association applauded what they termed the 'pro-active' decision of the Federal Government to triple the FHOG.

"The tripling of FHOG appropriately is targeted at increasing the supply of new housing and will complement other major initiatives to increase the availability of lower-cost new housing," HIA managing director, Dr Ron Silberberg said

HIA says a yawning deposit gap has prevented many first home buyers from attaining homeownership but this measure will assist many who due to a lack of deposit and previous increases in interest rates were unable to get into the housing market. …

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