Podcasts Other The Mike Hosking Breakfast Shaneel Singh: Whitestone Group Director on the negative impact if the first-home buyers grant is scrapped

Shaneel Singh: Whitestone Group Director on the negative impact if the first-home buyers grant is scrapped

Published: May 21, 2024, 8:09 p.m.

There are pleas for the Government not to scrap the first-home buyers grant.\xa0

Newshub is reporting the Government plans to redirect the $60 million allocated to help first-home buyers and put the money into social housing.\xa0

The scheme gives buyers between $5,000 and $10,000 towards their first home if they earn under a certain threshold, and property experts say dissolving it would be a bad move.\xa0

Whitestone Group Director Shaneel Singh told Mike Hosking that many of his clients need the grant.\xa0

He says a number first home buyers wouldn't be able to get on the property ladder without it.\xa0

In the year to February 2024, nearly 25,000 first homes were purchased. In that time, 10,500 first-home grants were paid out, meaning that 42% of first-home buyers did so with the help of the grant.\xa0

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