Buying your first home
can be a daunting prospect but this first home buyers guide
should assist you understand the First Home Owners Grant for first time home purchasers.
First Home Owners Grant
The best part of being a first time home owner is that you may be eligible for the first home owner grant and a duty concession for your first home or the land that you buy to build your first home.
The First Home Owner Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.
Under the First Home Owners Grant scheme, a one-off grant of up to $7000 is payable to first home owners that satisfy all the eligibility criteria.
First Home Owners Boost
Eligible first home buyers who sign a contract to purchase an existing home till the 31 December 2009 will receive an extra $3500, taking the total lump sum payment (including the First Home Owner Grant) to $10,500.
Eligible first home buyers who sign a contract to purchase or construct a new home between 1 October 2009 and 31 December 2009 will receive an extra $7,000, taking the total lump sum payment (including the First Home Owner Grant) to $14,000.