The First Homeowner's Grant is dead. Mr.Rudd has formally ruled out the extension of the grant beyond June 30, saying ‘all good things must come to an end’.
Villages will be seeing the impact immediately because banks are struggling to handle the volume of applications and those being received from now on are unlikely to be approved by June 30. The Commonwealth Bank reports half its applications have errors and needed reworking; in Queensland 90% are incorrect. This will end the rush to buying retiree’s homes, which will affect village sales.