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REIQ: Are there First Home Owner Grant changes on the horizon?

By James Brown

First home buyers in Queensland who are seeking to gain some financial aid from the government have a number of restrictions for getting assistance. One of the biggest restrictions is that the First Home Owners Grant (FHOG) is currently only available for brand new homes.

The Real Estate Institute of Queensland (REIQ) has called for this decision to be reversed, with chief executive officer Antonia Mercorella stating this was a major issue facing the future growth of the state's property market. 

"Reinstating the full spectrum of first home owner incentives would unlock of millions of dollars in investment, delivering an important boost to the Queensland economy," said Ms Mercorella in a 23 March statement. 

"It would also greatly assist Queensland's residential housing recovery and help thousands of extra Queenslanders to realise their dream of homeownership."

She said the splitting of first home buyers into two different tiers was uncalled for, and simply managed to lock a whole section o​f the market out of buying real estate. When this new scheme was introduced in 2012, there was a market decline in the number of FHOG sought in the state. 

The restoration of the grant could be a boon for first home buyers hoping to secure real estate in Burpengary in the near future. For help with buying your first home, get in touch with a Ray White real estate agent in Burpengary today.

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