First home buyers' grant to be axed

THE $7000 first home buyers' grant will be axed in favour of a boost for the ailing construction industry, the government has revealed.

A local pensioner doesn't understand why an insurance company wanted him to cover his home for twice its market value.

THE $7000 first home buyers' grant will be axed in favour of a boost for the ailing construction industry, the government has revealed.

In tomorrow's budget, the Newman government will scrap the current First Home Owner Grant and replace it with a $15,000 handout to first-time buyers purchasing off-the-plan or newly-constructed properties.

First-time buyers, who purchase an established property, will still qualify for the $7000 grant if they sign contracts by October 11.

But the re-shaped First Home Owner Construction Grant will kick-in on September 12 for properties valued up to $750,000.

Premier Campbell Newman said the government had responded to industry concerns in "changing" the original First Home Owner Grant.

Read more at Brisbanetimes.com.au
 

Originally published as First home buyers' grant to be axed