With the Budget set to be handed down on the 14th of June, Treasurer Curtis Pitt has announced a new First Home Owner Grant to form a critical part of it. The First Home Owner scheme will be boosted from $15,000 to $20,000 for buyers for their first newly constructed property under $750,000.

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The scheme will run for 12 months starting from July 1 as the government looks to boost the construction industry in the midst of falling confidence in the building sector, making it easier to enter the property market.

“The new $20,000 grant will instil more confidence in our building sector, as well as more jobs, and help more people into home ownership.

The First Home Owner grant announcement also included a sting in the tail for foreign investors, with Mr Pitt also announcing a change of heart over slugging international buyers of residential property with a surcharge, with a 3 per cent transfer duty surcharge set down in the coming budget.

You can read more about it here.