First Home Owner’s Grant Boost - extension

The Government have announced that the First Home Owners Boost (FHOB) will be extended for a further 6 months for both the housing market and first home buyers.

For eligible first home buyers who enter into contracts between 1 July 2009 and 30 September 2009, the FHOB will continue to provide $7,000 for the purchase of established homes and $14,000 for the purchase of new homes. Combined with the first home owners grant eligible persons who purchase an existing dwelling will receive $14,000 of assistance and where eligible persons purchase a new dwelling they will receive $21,000 of assistance.

For eligible first home buyers who enter into contracts between 1 October and 31 December the FHOB will be halved. Where an existing dwelling is purchased, an eligible first home buyer will receive $3,500 of assistance where as if an new dwelling is purchased they would receive $7,000 of assistance. Coupled with the first home owners grant, eligible first home buyers will receive $10,500 assistance for an existing dwelling and $14,000 for a new one.