On 14 October 2008, the Commonwealth government announced a fiscal stimulus package, one element of which includes a temporary increase in the First Home Owners Grant Scheme (called the First Home Owners Boost) that supplements the grant paid to first home buyers for established homes by an additional $7000 and $14 000 for newly-constructed homes.
First home buyers will be eligible for the First Home Owner Boost on contracts to purchase or build a home entered into between 14 October 2008 and 30 June 2009. Owner-builders are also eligible for the additional grant if they commence construction within this period. During this period the maximum grant is $14 000 for established homes and $21 000 for newly constructed homes.
|
Type of transaction
|
First Home Owner Grant
|
First Home
Owner Boost
|
Total
|
|
Purchase of an established home
|
$7000
|
$7000
|
$14 000
|
|
Purchase of a new home
|
$7000
|
$14 000
|
$21 000
|
|
Purchase off-the-plan
|
$7000
|
$14 000
|
$21 000
|
|
Contract to build a new home
|
$7000
|
$14 000
|
$21 000
|
|
Build a new home as an owner builder
|
$7000
|
$14 000
|
$21 000
|
To qualify as a newly constructed home:
- the home must never have been previously occupied as a residence, including occupation by the builder, a tenant or other occupant.
- where the home is being purchased, it must be the first sale of that home and it must not have been previously occupied.