| The sub-prime crisis in the United States of America | | | | into buying a new home for themselves. This will also |
| has shattered the housing bubble that had been | | | | help to boost the real estate market. |
| forming all over the world. Within a matter of weeks | | | | This scheme has worked wonderfully well and there |
| and months, the housing market had fallen through the | | | | are many people who have caught this offer and |
| roof and along with it fell the housing prices. People did | | | | bought their houses. The Queensland government's |
| not have money to purchase houses even at cheap | | | | First Home Owner Grant or FHOG as it is known had |
| rates and even those who had the money to buy | | | | incentives up to about $14,000 for those who bought |
| houses at the prices that were existing were scared | | | | their houses in the period specified by the government. |
| to invest all the money to buy a house as they were | | | | Even now, the government is offering certain |
| unsure of how things would pan out. | | | | incentives, though the amount is not as huge as it was |
| The sub prime crisis that affected the United States of | | | | initially offered. All those who got the incentives |
| America, also affected the credit markets and loans | | | | benefited a great deal, but the others also have |
| were very difficult to get. This vicious cycle dominated | | | | something to benefit from still. |
| the economic scenario for quite some time and made | | | | Various governments have also given other benefits |
| the world look dark and gloomy. Then came the | | | | to the first home buyer to make them happy. Some of |
| various stimulus packages of the governments of | | | | the governments have offered tax rebates for those |
| various countries. These stimulus packages had | | | | who have purchased the houses. All these have |
| something special to offer to the smashed real estate | | | | reversed the losses suffered by many companies in |
| markets and along with it came some incentives for | | | | the real estate sector and has changed the world for |
| the first home buyer. | | | | the better to an extent. These savings have also |
| Each government had various incentives, but most of | | | | made the first home buyer richer as they have paid |
| these incentives were tax benefits for the people who | | | | less and got more in return. |
| were first time home buyers. Some governments | | | | The reversal in the housing market and the change for |
| gave quite a huge amount of incentives. The United | | | | the better has been good for the sector as it has |
| States government was in the forefront by | | | | made houses more affordable again and it has |
| announcing advantages for the first time buyers. Even | | | | increased the number of first home buyers to quite a |
| in Australia, the government of Queensland offered | | | | number. The stimulus packages and the incentives |
| incentives for the people who were buying their first | | | | have also played a major role in the reversal of trends |
| home. The reason for these incentives was for more | | | | in the housing prices over the past year. |
| people who did not have a house to be encouraged | | | | |