First Home Owner Grant
First Home Owner Grant and "Boost" Payment
On October 14 2008, the Federal Government announced that they would increase the First Home Buyers Grant payment. These changes effectively doubled the First Time Owners Grant for the purchase of established property - to $14,000 - and tripled the grant for the purchase of new (never previously occupied) property to $21,000. The changes are for a limited time only and apply only to contracts entered into between October 14 2008 and June 30 2009. Note that additional, supplementary, payments are also made available by some State governments.
Expatriate Australians overseas are still eligible for a grant but must meet the general requirements - which include occupying the premises within 12 months of completion of construction or settlement.
You can expect that your mortgage lender will assist you through the application process. Payment will be made:
- For the purchase of an existing dwelling, at settlement.
- For a building contract, on the first progress payment.
- For an owner-builder, on certificate of occupancy/completion.
For more information, please visit - www.firsthome.gov.au/ where you will be directed to the appropriate State-based websites with detailed materials.
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