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THE First Home Owners Grant may become a $25 billion time bomb and make it even tougher for people to get their first house. As the development industry called for an extension of the $14,000 grant to all homebuyers to stimulate a dormant market, Reserve Bank deputy governor Ric Battellino warned the funding could backfire.Analysts also forecast a potential housing crisis later this yearwith rising unemployment pushing up to 460,000 households close to theedge through mortgage stress.... Read more

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