Tasmania state election: Premier Jeremy Rockliff announces $30k boost for first home buyers
The state government has pledged to give first home buyers $30,000 in cash to enter the property market if the Liberals are re-elected at the next month’s state election.
Tasmania
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The state government has pledged to give first home buyers $30,000 in cash to enter the property market if the Liberals are re-elected at the next month’s state election.
Premier Jeremy Rockliff made the election pledge during a visit to Youngtown in the state’s north on Tuesday.
He said the best way to ease housing pressure was to drive new construction.
“Eligible first home buyers who contract to build their first home will now receive a $30,000 grant – three times more than the current grant amount,” Premier Rockliff said.
“This means lower upfront costs, greater financial certainty, and a stronger incentive to build.
“By stimulating new construction across the state, we’re backing in jobs, addressing supply, and getting roofs over the heads of Tasmanians.”
“By supporting families in home ownership, we help them achieve stability and security, allowing them to put down roots in their community.
The initiative is expected to cost $15m and will be funded from housing expenditure already included in the state budget.
“Our nation-leading MyHome shared equity program is already helping Tasmanians with as little as a two per cent deposit into their first home, with more than 721 home loans helping over 1,930 Tasmanians into home ownership.
“Under a re-elected Liberal Government, we will increase the value cap for new home construction under MyHome to $800,000, encouraging even more Tasmanians to build under this highly successful program.
“Importantly, if you are eligible for the First Home Owners Grant, this may be used to help satisfy the deposit of the MyHome program.
“Together with MyHome, this means a young Tasmanian family, who are currently renting, could build their first home with as little as a two per cent deposit fully covered by the First Home Owner Grant, and making monthly mortgage repayments comparable to or even less than what they were paying in rent.”
Property Council of Australia’s Tasmanian Executive Director Rebecca Ellston said the grant would boost the industry.
“Raising the Grant to $30,000 for the building of new homes will deliver a much-needed boost to the construction industry,” she said.
“It will also give Tasmania a competitive advantage over other states that have their first home builder grants between $10,000 to $20,000 levels.”
Master Builders Tasmania CEO David Clark also welcomed the grant.
“The Liberal’s commitment to provide $30,000 grants to Tasmanians building their first home is a great relief for building and construction workers and Tasmanians who want to build their first home,” MBT CEO David Clerk said.
“New dwelling approvals in Tasmania have slumped by 11.5 per cent in the year to April 30, and that’s impacting our workforce across the state.
Originally published as Tasmania state election: Premier Jeremy Rockliff announces $30k boost for first home buyers
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