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$21,000 boost for first home owners in Eden-Monaro.

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Media Release

Dr Mike Kelly AM MP Federal Member for Eden-Monaro Parliamentary Secretary for Defence Support

Office of the Hon. Dr Mike Kelly AM MP

Member for Eden-Monaro, Shop 16, City Link Plaza, Morisset Street, Queanbeyan NSW 2620

Wednesday 15 October 2008

$21,000 boost for first home owners in Eden-Monaro

The Federal Member for Eden-Monaro Dr Mike Kelly and the Rudd Labor Government have announced that the Government will boost the First Home Owners Grant to $21,000 for new home buyers and $14,000 for first home buyers buying an existing home.

Dr Kelly said this announcement will make it easier for first home owners with a doubling or tripling of the first home owners grant.

Under the First Home Owners Boost: • First home buyers who purchase established homes will have their grant doubled from $7,000 to $14,000; and • First home buyers who purchase a newly constructed home will receive an extra

$14,000 to take their grant to $21,000.

This is part of the Rudd Labor Government’s $10.4 billion package to strengthen the national economy and support households during these difficult economic times.

This measure builds on the Government’s $2.2 billion worth of housing initiatives in the 2008-09 Budget, including: • A National Rental Affordability Scheme to build 50,000 new affordable rental properties;

• A Housing Affordability Fund to reduce the cost of bringing new homes to market; and • First Home Saver Accounts to encourage young people to save for a new home.

Dr Kelly said; “The First Home Owners Boost is a decisive Rudd Government initiative to stimulate housing activity and give first home buyers a better chance in the housing market.

“The Rudd Government understands that the economy faces the twin challenges of a subdued housing market and housing affordability levels at record lows.

“More than 150,000 first home buyers are estimated to benefit from the scheme including a large number of first home buyers in Eden-Monaro.

“Based on information from last financial year, more than 44,000 households across NSW alone will benefit from the First Home Owners Boost.

“I am committed to helping first home buyers in Eden-Monaro to get into the property market if they are able.

“This initiative along with the recent interest rate cuts will help make buying a first home more affordable”, said Dr Kelly.

First home buyers will be eligible for the First Home Owners Boost from today (14 October, 2008). All contracts entered into by 30 June, 2009 will be eligible for this new additional assistance.

Media contact: Evan Langdon 0447 694 201 or