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

The Mike Hosking Breakfast

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25d ago 2:42

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

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

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.

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

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

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.

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