News

Home grant welcomed

Dan Kelly of Ray White, Yamba and local builder Tony McFarlane, welcome the government’s first-home buyers grant of $15,000.
Dan Kelly of Ray White, Yamba and local builder Tony McFarlane, welcome the government’s first-home buyers grant of $15,000. Lynne Mowbray

FIRST-home buyers in the Clarence Valley are set to benefit from a $15,000 hand-out to help with their purchase after the NSW Government announced the revamped

First Home Owners Grant, one of the more pleasant surprises to come out of the last week's NSW state budget.

Under the Building the State package, the grant, which is only available for new homes, will increase from $7000 to $15,000 on October 1, then drop to $10,000 from 2014.

Dan Kelly from Ray White Yamba said the increased level of incentive for first-home buyers will be a much-needed boost to the local property market after what has been a rather tough 18 months.

"Along with most people at the moment, first-home buyers are finding it hard to save the extra cash to satisfy the requirements of their lenders and with many lenders looking at the first-home owners grant as a form of savings for borrowers, this should make the process a lot easier for them," Mr Kelly said.

While Yamba itself is experiencing a land shortage, Mr Kelly said overall land sales have slowed slightly due to the price of existing homes retracting during the past two years, leaving first-home buyers with no real incentive to build a new home.

He said the grant would be welcomed by local builders, many of whom have been saying that something needed to be done to stimulate the industry.

Yamba-based builder Tony McFarlane believes any incentive would be a positive step forward and was likely to boost the industry, but says a more inclusive grant covering all first-home buyers, not just builders, would see a greater and more balanced influx.

"It is probably not putting as much strain on first-home buyers," Mr McFarlane said.

Topics:  grant, home, mortgage, property, real estate




Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Bronwyn Bancroft’s Colours of Australia

Artist Bronwyn Bancroftin front of one of her works in her exhibition at the Grafton Regional Gallery Colours of Australia.

Colourful Australia opened at the Grafton Regional Gallery.

It's time to bring out the winter woolies

Grafton's Clarence St shrouded in fog this morning. Photo was taken slightly after 8am.Photo Matthew McInerney / Daily Examiner

Cooler overnight temperatures here to stay

Pair paddles 60km to highlight depression

DETERMINED: Will Brighton and Todd Ives in Yamba during their 60km paddle from Woody Head to Wooli.

Will Brighton and Todd Ives share rewarding experience on the water

Latest deals and offers

Bronwyn Bancroft's Colours of Australia

Artist Bronwyn Bancroftin front of one of her works in her exhibition at the Grafton Regional Gallery Colours of Australia.

Artist Bronwyn Bancroft's exhibition Colours of Australia is introduced by her...

Malcolm Turnbull and Barnaby Joyce tour Rockhampton sweet potato farm

Prime Minister Malcolm Turnbull and Deputy Prime Minister Barnaby Joyce visit a...

Men's Shed possum boxes

(back l-r) David Abrahams, Frank heppell, Warren Moss, Kevin Wtkins and (front) Darcy Knight with some of the possum boxes the Grafton Men's Shed are making for the new highway construction.

Grafton Men's Shed members have made 65 possum boxes for Eco Logical Australia to...

Perfect time to invest in Northern Rivers property

The Northern Rivers rental market is tighter than Sydney making it the perfect time for investors to get better returns out of property than superannuation or banks deposits.

Low interest rates and tight rental market are prime time to invest