Q: WHEN WILL THE FIRST HOME OWNERS GRANT END?

A: At this stage, the Federal Government has indicated its intention to cut the First Home Owners Grant back to previous levels in the Budget. This would mean the grant returns to $7,000.00 for existing homes. 

Presuming the New South Wales State Government continues with the stamp duty exemption, this is still quite a good boost. Most first home buyers, however, have to pay Mortgage Insurance on their loan - which can quickly eat up all if not more than the amount of the grant. 

This can mean that the cost of getting into your first home is still quite high, which is why the increased grant has been so successful. 

Thanks for your question Lucy. You might like to bookmark this page and check back again as we will definitely be posting more information as it comes to hand.