Home Loan Repayment

By Robert Carry

Brisbane's potential first homebuyers have been left in the dark as to where the proposed capping of grants will be set after conflicting statements emerged from state government sources.

Housing Minister Tanya Plibersek announced during a press conference at the time of the scheme's launch that the state of Victoria would implement a cap on eligibility on homes valued above $600,000.

According to The Australian Financial Review, her remarks were welcomed by Victoria treasurer John Lenders who said measures were needed to ensure grants were not being given to "millionaire first homebuyers so they can rope in a mansion in Toorak or Brighton".

However, under legislation put before the state parliament last month the Victorian government, the proposed cap has been set at $750,000.

The legislation is set to be brought into effect from January 2010.

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