Bonus benefits SA first home buyers
If you are a potential first home buyer in South Australia at the moment, the reintroduction of a bonus in the state could be welcome news.
State treasurer Jack Snelling announced plans to bring back the $8,000 first home buyers bonus for residential construction.
He commented: "Together with the First Home Owners Grant of $7,000 it means that first home buyers who build or purchase a newly constructed home in South Australia could receive up to $15,000 in government assistances towards the cost of their first home."
The Housing Industry Association (HIA) welcomed the news, but urged for more to be done to encourage people to buy residential property in the state.
Residential construction is an important economic driver in the state, the HIA acknowledged, so other steps need to be taken to ensure the health of the sector.
Under its last Budget, the state government of SA said that the grant would be reduced to $4,000 on July 1 2012, before being phased out completely the following year.
However, it will now remain in place for another 12 months and be reassessed at a later stage.