First Home Owners in Queensland will be major casualties of the budget cuts announced by the new State Government with the $7,000.00 First Home Owners’ Grant to be terminated almost immediately with first home buyers only having until the 11th of October to finalise their contracts and claim the grant.
This is only one of the major spending cuts to be announced by Premier Campbell Newman when he presents his first budget to the Queensland Parliment on Tuesday (11/9/2012).
A new First Home Owners Construction Grant ($15K) will be introduced however this will only apply to those who wish to construct or are purchasing a new home. This new construction grant is not expected to be the salvation of the building industry as the recent $17K Qld Government Construction Grant was a flop having achieved only 30% of the anticipated levels of applications.
The local Real Estate Industry is expected to be shattered by this announcement as the First Home Buyers are a significant factor in the already struggling real estate market.
