First Home Owners Grant
Commonwealth’s First Home Owner Grant Boost
The Australian Government has announced a boost to the First Home Owner Grant, which supplements the Local Government funded First Home Owner Grant Scheme.
According to the announcement from the Commonwealth:
First home buyers who purchase established homes will receive a boost of $7,000 that will double the grant to $14,000
First home buyers who build a new home or purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000.
Additional First Home Owners Boosts & Concessions
There is also a range of state concessions available on top of the First Home Owner Grant.
These grants are available in addition to the First Home Owner Grant.
New South Wales
From the 11 November 2008 to the 10 November 2009, a NSW New Home Buyers Supplement of $3,000 will be added to the existing $7,000 grant for eligible First Home Owner Grant for applicants building a new home or buying a newly constructed home. So if you are a New South Wales resident you may receive total grants of $24,000.
South Australia
South Australia’s First Home Bonus Grant is worth an additional $4,000. So for an existing property SA residents can receive up to $18,000, and for a new property up to $25,000.
You need to enter into a first home contract on or after 5 June 2008 and owner builders need to commence construction on or after 5 June 2008. The FHBG replaces the Stamp Duty First Home Concession Scheme.
Victoria
If you’re buying an established home you may be eligible for the $7,000 Boost and the First Home Bonus ($3,000*).
If you’re buying or building a new home you may be eligible for the $14,000 Boost, the $5,000 First Home Bonus and the $3,000 First Home Owner Regional Bonus, so with your First Home Owner grant of $7,000 you could receive up to $29,000 from the Victorian government.
Northern Territory
The Northern Territory Government is providing the $14,000 Buildstart bonus to anyone who wants to purchase or build a new home in the Northern Territory, even if they are not eligible for the First Home Owner Boost.
