News
First Home Owners Grant reduced
The First Home Owners Grant has now been reduced, as of the 1st of October, 2009. The grant for buyers of new homes has been reduced by $7000, while those buying established homes will receive $3500 less, in line with cuts spelt out in the May budget.
From the 1st of October until the 31st of December, eligible first home buyers will receive:
The boost remains in place until the end of December. After that, the original, $7000 First Home Owners Scheme grant remains for both new and established homes.
To be eligible for the grant, you must be an Australian citizen or a permanent resident of Australia. You must be buying or building your first home in Australia and you must have the intention of living in the home as your primary residence within 12 months of settlement. There are no restriction as to your income or the area in which you plan to buy or build. Nor are there restrictions regarding the value of the property. However, if you are planning to purchase your first home with another person, you must both meet the eligibility requirements to receive the grant.
The First Home Owners Grant scheme makes it more affordable for Australians to realise their dream of home ownership.