First Home Owners Grant hits the mark

Figures released by Housing Minister Tanya Plibersek, reveals that 5,385 first home buyers took advantage of the FHOG boost in November 2008. The greatest response was from New South Wales first home buyers with 2,076 applications received from the state.

With the scheme set to end in June 2009, Ms Plibersek said the government would not rule out extending the scheme into the new financial year.

“We will look at the effect our measures are having and we stand ready to continue to help Australians weather this economic crisis.”

Meanwhile Real Estate Institute of Australia (REIA) president Noel Dyett has urged the government to make sure it assesses the effectiveness of the boost before bringing it to a close.

“The REIA....strongly recommends that the federal government undertake a comprehensive review of the boost to the FHOG to assess its effectiveness prior to its proposed cessation in June 2009,”