Calls for Australian Government to Extend First Time Buyer Grants

There are calls for the Australian government to extend their first time buyer scheme upped limit past the end-date of June 30th.

Currently, first time buyers in Australia can apply for a grant of up to $21,000 to help them fund their first property purchase. However this figure ends on June 30th and after this date, the maximum grant will drop back down to just $7,000.

Although first time buyers are just a small fraction of property and real estate purchasers in Australia, the higher limit to encourage more to buy. Should the grant be dropped back down there are fears that it could impact on the Australian property market, causing it to crash even further, as the demand for housing will lower – and just a small number of people not being able to afford a home may make all the difference.

Many believe that the Australian government is not planning to keep the extended limit past June 30th as the pool of cash used for this scheme is drying up therefore it makes more sense for them to drop the grant back down again.

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