The Federal Government has announced that, from October 14, 2008 until June 30, 2009, the first home owners’ grant of $7,000 will be doubled to $14,000 for buyers who purchase an existing home.
It will be trebled to $21,000
(plus an additional $3,000 NSW Grant)
making a total grant at $24,000 as well as Stamp Duty exemption up to $17,000 for buyers who purchase a brand new home….
The main purpose of the grant is to help first home buyers – often battling young couples – to more easily afford their first home.
First home buyers need to act fairly quickly as this offer ends by June 09.

The last time the grant was increased, it didn’t take long for the increase in demand from buyers to flow through to an increase in house prices.
If you are looking to buy right now and you find what you think is a good deal, don’t delay too long. If the house suits and the price is right, now is probably the time to grab it. Just in case.
So, if I was a first home buyer today, I wouldn’t be taking any risks on the price issue. I’d be using the downturn in the general housing market and the fear about the overall economy plus the upturn in my recent good fortune with the first home grant to grab myself the best property deal.

And I’d do it all as soon as possible.