First homebuyer scheme gets $70m boost

The state government has breathed life back into the First Start Shared Equity Scheme, injecting $70 million after funds ran out last month.

The Urban Development Institute of Australia today welcomed the move by the government however raised concerns over new eligibility requirements where house values have been capped at $355,000, a reduction of $20,000.

"UDIA understands that the government is acting with caution and we hope that the program will be continued in future budgets," UDIA chief executive Debra Goostrey said.

The Department of Housing and Works was forced to suspend the program last month after the allocated budget of $300 million had been met.