The First Home Owners Grant (FHOG) ends in July 2009*
*NOTE: THIS IS AN ARCHIVED ARTICLE - To read a more up-to-date summary of the FHOG see our September newsletter
The First Home Owners Grant (FHOG) ends in July 2009 unless the Federal Government decides to continue the additional benefits in the May budget.
FHOG – extra benefit boost to finish
The First Home Owner Grant from the Federal Government was enhanced by the establishment of the First Home Owner Boost Scheme late last year and this currently has a sunset clause of 30 June 2009, so contracts have to be signed before that date to be eligible for the extra funds.
The Boost provides:
- 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.
The detailed information* about the entire First Home Owner Benefits from both Federal and State Governments is summarised in the following table.
Contract Date Conditions First Home Owner Grant New First Home Owner Boost First Home Bonus # First Home Owner
Regional Bonus #From 14 October 2008 to 30 June 2009
*This information has been taken from the Prime Minister’s Media Release dated 14 Oct 2008. This information is subject to formal approval.Established homes only $7,000 $7,000 $3,000 $0.00 Newly constructed homes in Metropolitan Victoria only $7,000 $14,000 $5,000 $0.00 Newly constructed homes in Regional Victoria only $7,000 $14,000 $5,000 $3,000 From 6 May 2008 to
13 October 2008Established homes only $7,000 $0.00 $3,000 $0.00 New homes in Metropolitan Victoria only $7,000 $0.00 $5,000 $0.00 New homes in Regional Victoria only $7,000 $0.00 $5,000 $3,000 From 1 January 2007
to 5 May 2008Established homes only $7,000 $0.00 $3,000 $0.00 New homes only $7,000 $0.00 $5,000 $0.00 From 1 January 2006 to 31 December 2006 Established and New homes $7,000 $0.00 $3,000 $0.00 From 1 May 2004 to 31 December 2005 Established and New homes $7,000 $0.00 $5,000 $0.00 # Additional Condition: To be eligible to receive the Bonus and Regional Bonus, the value of the property must not exceed $500,000.
* The information provided in the above table is to be used as a guide only.
