Extension of the First Home Owners Boost
Announced in the 2009 Federal Budget on Tuesday evening, the Government will extend the First Home Owners Boost for an additional six months.
A table setting out the different amounts that first home buyers in Victoria may be eligible for appears below:
| Contract Date |
Conditions |
First Home Owner Grant (FHOG) |
New First Home Owner Boost |
First Home Bonus # |
First Home Owner
Regional Bonus # |
Total |
|
From 1 January 2010 to 30 June 2010
Note: This information has been taken from the Premier's announcement on 6/5/2009 and the 2009-2010 Federal Budget. This information is subject to legislative approval. |
Established homes only |
$7,000* |
$0.00 |
$2,000 |
$0.00 |
$9,000 |
| Newly constructed homes in Metropolitan Victoria only |
$7,000* |
$0.00 |
$11,000 |
$0.00 |
$18,000 |
| Newly constructed homes in Regional Victoria only |
$7,000* |
$0.00 |
$11,000 |
$4,500 |
$22,500 |
|
From 1 October 2009 to 31 December 2009
Note: This information has been taken from the Premier's announcement on 6/5/2009 and the 2009-2010 Federal Budget. This information is subject to legislative approval. |
Established homes only |
$7,000 |
$3,500 |
$2,000 |
$0.00 |
$12,500 |
| Newly constructed homes in Metropolitan Victoria only |
$7,000 |
$7,000 |
$11,000 |
$0.00 |
$25,000 |
| Newly constructed homes in Regional Victoria only |
$7,000 |
$7,000 |
$11,000 |
$4,500 |
$29,500 |
|
From 1 July 2009 to 30 September 2009
Note: This information has been taken from the Premier's announcement on 6/5/2009 and the 2009-2010 Federal Budget. This information is subject to legislative approval. |
Established homes only |
$7,000 |
$7,000 |
$2,000 |
$0.00 |
$16,000 |
| Newly constructed homes in Metropolitan Victoria only |
$7,000 |
$14,000 |
$11,000 |
$0.00 |
$32,000 |
| Newly constructed homes in Regional Victoria only |
$7,000 |
$14,000 |
$11,000 |
$4,500 |
$36,500 |
| From 14 October 2008 to 30 June 2009 |
Established homes only |
$7,000 |
$7,000 |
$3,000 |
$0.00 |
$17,000 |
| Newly constructed homes in Metropolitan Victoria only |
$7,000 |
$14,000 |
$5,000 |
$0.00 |
$26,000 |
| Newly constructed homes in Regional Victoria only |
$7,000 |
$14,000 |
$5,000 |
$3,000 |
$29,000 |
| From 6 May 2008 to 13 October 2008 |
Established homes only |
$7,000 |
$0.00 |
$3,000 |
$0.00 |
$10,000 |
| New homes in Metropolitan Victoria only |
$7,000 |
$0.00 |
$5,000 |
$0.00 |
$12,000 |
| New homes in Regional Victoria only |
$7,000 |
$0.00 |
$5,000 |
$3,000 |
$15,000 |
From 1 January 2007
to 5 May 2008 |
Established homes only |
$7,000 |
$0.00 |
$3,000 |
$0.00 |
$10,000 |
| New homes only |
$7,000 |
$0.00 |
$5,000 |
$0.00 |
$12,000 |
| From 1 January 2006 to 31 December 2006 |
Established and New homes |
$7,000 |
$0.00 |
$3,000 |
$0.00 |
$10,000 |
| From 1 May 2004 to 31 December 2005 |
Established and New homes |
$7,000 |
$0.00 |
$5,000 |
$0.00 |
$12,000 |
* Additional Conditions: To be eligible to receive the FHOG, for contracts entered into between 1 January 2010 and 30 June 2010, the value of the property must not exceed $600,000
# Additional Condition: To be eligible to receive the Bonus and Regional Bonus for contracts entered into up to 30 June 2009, the value of the property must not exceed $500,000. For contracts entered into between 1 July 2009 to 30 June 2010, the value of the property must not exceed $600,000
The information provided in the above table is to be used as a guide only.
Extension of the First Home Owners Boost
The First Home Owner Boost, which was launched by the Australian Government, supplements the Victorian Government funded First Home Owner Grant of $7,000. The Boost provides:
14 October 2008 to 30 September 2009 (Contract Date)
- an extra $7,000 to first home buyers who purchase an established home; and
- an extra $14,000 to first home buyers who build a new home or purchase a newly constructed home.
1 October 2009 to 31 December 2009 (Contract Date)
an extra $3,500 to first home buyers who purchase an established home; and
an extra $7,000 to first home buyers who build a new home or purchase a newly constructed home.
After 31 December 2009 when the First Home Owners Boost ceases, the $7000 First Home Owners Scheme grant will continue.
Victorian State Government - First Home Bonus
1 May 2004 to 30 June 2009 (Contract Date)
If you are eligible to receive the Grant, you may also be entitled to receive an additional payment of $3,000 (for established homes) or $5,000 (for new homes only), which is known as the First Home Bonus (the Bonus).
To be eligible to receive the Bonus, the purchase price of the property must not exceed $500,000.
1 July 2009 to 30 June 2010 (Contract Date)
If you are eligible to receive the Grant, you may also be entitled to receive an additional payment of $2,000 (for established homes) or $11,000 (for new homes only), which is known as the First Home Bonus (the Bonus).
To be eligible to receive the Bonus, the purchase price of the property must not exceed $600,000.
Further information about the First Home Bonus.
Regional Bonus
6 May 2008 to 30 June 2009 (Contract Date)
For contracts entered into for the purchase or construction of a new home in a regional municipality in Victoria, an additional $3000 bonus is also available (in addition to the $5000 bonus).
1 July 2009 to 30 June 2010 (Contract Date)
For contracts entered into for the purchase or construction of a new home in a regional municipality in Victoria, an additional $4500 bonus is also available (in addition to the $11,000 bonus).
Further information about the Regional Bonus.
Important Note
There has been a real tightening of lending criteria throughout the industry, with most lenders now looking to see regular savings of between 3 and 5 percent over a 3 to 6 months period.
These changes make it even more important that prospective first home borrowers put savings plans into place now.
As everyone's circumstances are different, we recommend you contact Lending Specialists to discuss your options.
Barry Oxley
Director - Lending Specialists Pty Ltd
Your Personal Lending Consultant
