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.
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.
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