Mortgage Choice is urging borrowers to "get in quick" and purchase before the Queensland government scraps its first-home buyers' incentive.
Premier Campbell Newman announced on Tuesday his government would replace the $7,000 grant in October with a $15,000 one for buyers of new builds only.
Mortgage Choice's spokesperson Belinda Williamson warned the impending abolishment should only be used as an incentive for serious buyers.
“We encourage first homebuyers who have done their sums and who are prepared to buy, to contact their local mortgage broker to arrange loan pre-approval now so they are one step ahead in the loan process," she said.
The rush to purchase before the scheme runs out was confirmed by industry veteran Paul Gollan
, who told Australian Broker Online
he had witnessed estate agents calling clients immediately after the announcement was made.
"[They're] calling up first home owners at the moment, letting them know that if they want to buy a property the first home owners' grant runs out in October," he revealed.