First Home Owner Grant, Bonus and Boost Update

The government has made more changes to the Grant, Bonus and Boost available to first home buyers.  A snapshot of these updates is:

First Home Owner Grant

The First Home Owner Grant provides eligible first home buyers with a $7000 grant. This grant is not means-tested nor is it restricted by the price of the property.
The Grant is an on-going scheme.

First Home Bonus

1 July 2009 to 30 June 2010 (contract date)

If you are eligible to receive the Grant, you may also be entitled to receive an additional payment of $2,000 (for established homes) or $11,000 (for new homes only), known as the First Home Bonus (the Bonus).

To be eligible to receive the Bonus, the purchase price of the property must not exceed $600,000.

1 January 2007 to 30 June 2009 (contract date)

If you are eligible to receive the Grant, you may also be entitled to receive an additional payment of $3,000 (for established homes) or $5,000 (for new homes only), known as the First Home Bonus (the Bonus).

To be eligible to receive the Bonus, the purchase price of the property must not exceed $500,000.

Regional Bonus

1 July 2009 to 30 June 2010 (contract Date)

For contracts entered into for the purchase or construction of a new home in a regional municipality in Victoria, an additional $4500 regional bonus is also available (in addition to the $11,000 bonus).

6 May 2008 to 30 June 2009 (contract date)

For contracts entered into for the purchase or construction of a new home in a regional municipality in Victoria, an additional $3000 regional bonus is also available (in addition to the $5000 bonus).

First Home Owner Boost

The First Home Owner Boost, which was launched by the Australian Government, supplements the Victorian Government funded First Home Owner Grant of $7000. The Boost provides:

14 October 2008 to 30 September 2009 (contract date)

• an extra $7000 to first home buyers who purchase an established home; and
• an extra $14,000 to first home buyers who build a new home or purchase a newly constructed home.

1 October 2009 to 31 December 2009 (contract date)

• an extra $3500 to first home buyers who purchase an established home; and
• an extra $7000 to first home buyers who build a new home or purchase a newly constructed home.