First home buyers forward dating contract to get extra grant money

Since the government boost to first home owner grants in October, some first home buyers seem to think it’s worth the risk to try ‘forward dating’ contracts so they can be eligible to receive the extra bonus. Furthermore there are reports of real estate agents and mortgage brokers suggesting this tactic. This would provide unscrupulous first home buyers an extra $7,000 towards their first home and also make them fraudulent, not to mention their 'dodgy' real estate agent and mortgage broker counterparts. There has been a reported 25 per cent surge in Victorian mortgage sales since the doubled government grant and although an incentive for struggling first home buyers, rorters of the system will be heavily fined if found. Rorters have been fined $411,000 in the past year alone and this may increase with the boosted government grants if first home buyers continue to forward date contracts.

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