First home buyer grant benefits

Who do you think benefits the most from first home buyer grants? Spoiler alert - it’s not first home buyers. So, who are they really for?

For starters, governments like to look like they’re helping first home buyers, that’s why many incentives are announced at election time. But that’s not the real story.

Many grants are dependent on you buying a brand new property. This benefits the construction industry and the economy in general, but it often comes at a huge cost for individual first home buyers. Large numbers actually LOSE money, many of them lose more than the amount of the grant.
Why is this? Well, it’s well documented that brand new apartments and house and land packages often lose value in the first few years of ownership - in some areas you'll find apartments can still be worth less than the purchase price after 10 years.

They’ve even been known to fall in value in the time between when the property was purchased and settlement. How devastating.
It's definitely not a good idea to buy a brand new property just to get a grant. Forget short term incentives that limit what you buy and potentially cost you hundreds of thousands of dollars in the medium to long term.

Want to be an educated first home buyer? Check out our online course for first home buyers.

Avoid costly mistakes, make smarter decisions, and get into your first home sooner. Why waste time doing things the hard way?

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