First home buyers grant changes

Wednesday October 15, 2008

Kevin Rudd has announced a $10.4 billion package to help low income earners, pensioners, and first home buyers in a one off payment.

Mr Rudd has admitted that there will be tough times ahead for Australians, prompting the Federal Government to support continued positive growth in the national economy and provide practical help to Australians. Ideally, this government package will help brace the economy against the slowdown in growth due to financial failures in Europe and the US.

This Economic Security Strategy will provide:

• $4.8 billion for an immediate down payment on long term pension reform.
• $3.9 billion in support payments for low and middle income families.
• $1.5 billion investment to help first home buyers buy a home.
• $187 million to create 56,000 new training places in 2008/09

From December 8, pensioners will be eligible for a lump sum payment of $1400 for single pensioners and couples will receive $2100. Australians receiving a carers allowance will receive $1000.

First home buyers will also benefit with changes to the First Home Buyers Grant:

• First home buyers will be eligible for grants up to $21,000 until June 30 2009.
• First home buyers grant will increase from $7,000 to $14,000.
• First home buyers purchasing a newly constructed house will receive an extra $14,000.

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Approximately 3.9 million children will receive a one off benefit of $1000.

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