Tasmanian first home buyers to enjoy larger grant
First home buyers in Tasmania are being encouraged to pursue their property goals by the state, after the First Home Owners Grant (FHOG) was increased to $30,000 to stimulate both the housing market and the local economy.
This type of incentive could help make the process of buying a house much more achievable, especially for those struggling to save their initial home loan deposits.
Premier Lara Giddings said the uptake of first home buyers in the region was slower than expected after increasing the FHOG from $7,000 to $15,000 last year.
She hopes this latest change will aid the growth of jobs and property construction in the state, and encourages anyone considering building a home to take advantage of the offer.
"With record low interest rates, affordable house and land packages and now a $30,000 down payment from the state government, there has never been a better time to build a home," said Ms Giddings in a November 7 statement.
"The average cost of constructing a first home in Tasmania was around $234,000 in 2012-13 and this grant will make building an even more attractive proposition."
This decision was also praised by the Housing Industry Association, with Executive Director Stuart Clues stating the FHOG changes will help people "step away from the rental market and into a newly built home".
"We are confident that young Tasmanians will make the most of the $30,000 grant whilst it is on the table," said Mr Clues in a November 8 statement.
"The social impact of this policy will also be important as it creates new housing stock for future generations and gets young people out of the rental cycle and into their own home."
Furthermore, the economic benefits for Tasmania were also highlighted. The housing industry employs around 20,000 individuals per year, which translates into a decent stimulus for the local economy following a construction increase.
Mr Clues went on to say that it was wise for the government to use domestic construction as an economic stimulator, as opposed to major developments which can take extended periods of time to construct.
If you're sitting on the fence about building your first home in Tasmania, now could be the perfect time to commit to a decision and utilise the incentives available to you - create the property you've always wanted for you and your family's future.