The Government's $8,000 tax rebate for first time home buyers and $6,500 credit for repeat buyers has been a definite boon for the housing sector. Thanks to the scheme, the sector managed to fare quite well even during the peak of recession and while the entire economy was suffering the after effects of the global financial meltdown.

The scheme was designed to keep the housing market afloat, and it managed to do exactly that. In fact, it was even a bigger success than anticipated. So everyone was happy - the Government, the buyers, the sellers and the entire housing market.

But now, with the expiry date of the scheme inching closer, everyone seems to be sad. On Friday, April 30, 2010, the rebate scheme will officially come to a close, and this is something that has managed to stir quite a lot of worry.

But will it really come to an end? Would something which has turned out to be so beneficial cease? We would like to think not. Maybe it would be something like the scrappage scheme which kept getting extended merely because it gave a definite boost to the automobiles sector.

There are many home owners who have openly admitted that had it not been for the scheme, they would have never owned a home to begin with, and that are no doubts that there would be many, many more people buying homes for the first time or relocating if the scheme continues.

In such a scenario, it only seems fair that the Government reconsider the closing date of the rebate. Let's just cross our fingers and hope that the scheme gets an extension!