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Today, the most lucrative business is the real estate business. Everywhere you can find that people are running after purchasing dream homes for themselves. However, with hike in the price of the houses, few people are able to purchase their dream homes through liquid cash. Most of the people are approaching different lending companies for different kinds of loans. Mortgage, in this regard, has become the most viable for getting loan. People are applying for the mortgage loan in order to purchase their house. However, due to the further increase in the price of the houses, the affordability rate of the common people has dropped to a considerable rate. As minimum 38.3% of the income is needed to pay off the loan in due time, people are evading from purchasing houses. According to the Real Estate Institute of Australia, the affordability rate has decreased to the lowest in 22 years. In order to support the payment of mortgage loan, the annual income of the individuals must be increased.

The Australian government, in order to over come the expensive loan payments, has determined to launch a program called first homebuyers grant. This grant can be utilized by the people, who are purchasing house for the first time in their life. The program was actually introduced on the very first day of July 2000. According to this program, the first homebuyers will be given an amount of $7000 with the mortgage loan, and this sum will not be included during the repayment of the loan. Today, this program has spread through the world, and most of the countries have started practicing this program.