Last month the federal government announced its First Home Owner Grant Boost Scheme to supplement the State funded First Home Owner Grant. Under the terms of the Scheme, eligible first home buyers can now receive up to $21,000 tax-free.
This article outlines how much is available and the timelines you need to adhere to in order to qualify for the increased Grants.
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How Much Is Available?
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Under the terms of the First Home Owner Boost Scheme eligible first home buyers purchasing an established home will receive a boost of $7,000 that doubles the grant to $14,000. And eligible 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. The increased First Home Owner Grant is available for contracts entered into before 30 September 2009.
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Buying An Established Home?
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If you’re buying an established home (one that has previously been lived in), you must enter into a contract to purchase the home before 30 September 2009 to be eligible for the $14,000 grant.
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Building Your Home?
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If you’re planning on building your first home, you need to hurry. To claim the $21,000 grant you need to start building before 30 September 2009 and construction must be completed within 18 months of commencement.
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Buying A Newly Constructed Home?
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If you’re buying a newly constructed home you need to enter into a contract before 30 September 2009. If you’re buying off-plan the property must settle on or before 31 December 2010 in order to qualify for the increased grant of $21,000.
Since there will be a $14,000 difference in the Grant available for a contract which completes in December 2010 and once which completes in January 2011, you should ask your solicitor or conveyancer to check your contract carefully for sunset date clauses that allow the developer to extend the settlement date.
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Am I eligible?
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Click here to check if you meet the eligibility criteria for the First Home Owner Grant.
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What Other Assistance Is Available?
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In addition to the First Home Owner Grant and First Home Owner Boost Scheme, some states also offer further bonuses for first home buyers as well as stamp duty concessions. Click on the relevant link below for details:
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