QLD buyers urged to 'get in quick'

by Caroline Dann13 Sep 2012

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.
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  • by Wendy Underwood 13/09/2012 8:09:34 PM

    I believe the government has got it so wrong with the abolishment of the FHOG for existing homes. Encouraging young people into large mortgages with the new grants for building new homes is a disaster waiting to happen. First home buyers should have been coming in at the lower end of the market, incentives for building are great and are needed but not at the expense of mortgage stress on young people who have yet to have families.

  • by Bernard 13/09/2012 8:50:57 PM

    The october 11 deadline for the $7000 is like the pub closing and the bartender not calling last drinks.