First Home Owners Grant - Changes in 2010
by State Revenue Office
If you are a first home owner, you may be entitled to receive one or more of the following:
- First Home Owner Grant
- First Home Bonus
- Regional Bonus
- First Home Owner Boost
First Home Owner Grant
The First Home Owner Grant provides eligible first home buyers with a $7,000 grant. This grant is not means-tested nor is it restricted by the price of the property for contracts entered into prior to 1 January 2010.
For contracts entered into on or after 1 January 2010, the grant will only be payable where the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
First Home Bonus
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), known as the First Home Bonus.
To be eligible to receive this Bonus, the purchase price of the property must not exceed $600,000.
Regional 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 regional bonus is also available (in addition to the $11,000 bonus).
First Home Owner Boost
1 October 2009 to 31 December 2009 (contract date): an extra $3500 to first home buyers who purchase an established home; and
an extra $7000 to first home buyers who build a new home or purchase a newly constructed home.
For contracts dated after 1 January 2010, the First Home Owner Boost is no longer available.
The following graph indicates the new entitlements as of 1 January 2010:
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For more information on the First Home Owners Grant, or to arrange an appointment with a John Hopkins Mortgage & Finance Consultant, please contact our Client Liaison Officer on 1300 726 082 or click here.