2018/19 Budget: $15m for first homeowners grant

GOVERNMENT has allocated $15million towards the first homeowners grant, and formed the First Home Owners Buyers Grant, says Attorney General and Minister for Economy Aiyaz Sayed-Khaiyum.

During the 2018-2019 National Budget announcement this evening, he said first time buyers with an annual income under $50,000 will receive $15,000 towards the construction or $10,000 towards the purchase of their first homes.

“Families who make between $50,000 a year and $100,000 a year, also qualify for this grant assistance with $10,000 provided for the construction of a new home or $5000 for the purchase of their first home,” he said.

“Under this scheme, grant payments for the purchase of strata titles developed and approved by institutions like the Housing Authority will be considered at the same rate as the construction of a new home.”

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