Qld restricts FHB grant

With the federal government’s first home owners’ boost now officially over, the Queensland government has announced further restrictions to the traditional first home owners’ grant.

From 1 January, people spending more than $1 million on their first home will no longer be eligible for the $7,000 State Government grant.

Treasurer Andrew Fraser told the ABC that that cap would be further reduced to $750,000 by mid-year.

"Frankly they have more than enough capacity to be able to purchase their own home on their own terms," he said.

"We abolished mortgage duty - we've abolished stamp duty for first home buyers up to $500,000 - we've increased exemption for people buying a block of land to build their own home - and today we're introducing a new cap for the first home owners grant to ensure that the grant money goes to those who are most deserving."

With the federal government’s first home owners’ boost now officially over, the Queensland government has announced further restrictions to the traditional first home owners’ grant.

From 1 January, people spending more than $1 million on their first home will no longer be eligible for the $7,000 State Government grant.

Treasurer Andrew Fraser told the ABC that that cap would be further reduced to $750,000 by mid-year.

"Frankly they have more than enough capacity to be able to purchase their own home on their own terms," he said.

"We abolished mortgage duty - we've abolished stamp duty for first home buyers up to $500,000 - we've increased exemption for people buying a block of land to build their own home - and today we're introducing a new cap for the first home owners grant to ensure that the grant money goes to those who are most deserving."

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