First Home Owner Boost Scheme

Author: John Loughnan

Publish Date: November 4, 2008

The Rudd Government last week announced an initiative to help first home buyers enter the housing market. First home buyers will now receive $14,000 from the Government, or $21,000 if they build or purchase a newly constructed home.

To be eligible for the grant, first home buyers must; be a natural person (ie not a company or trust) and at least 18 years of age be an Australian citizen or permanent resident (at least one applicant) reside in the home, as their principal place of residence for at least 6 months commencing within 12 months of completion (at least one applicant). Not have previously received the grant or owned a home To receive this boost benefit the contract must be entered into between 14 October 2008 and 30 June 2009.

The boost benefit is NOT payable to parties who have entered into a contract before 14 October 2008 and rescind the contract to replace it with a new one, in an attempt to qualify. It is estimated that through this initiative, the Rudd Government will invest around $1.5 billion in the housing market. The NSW Government duty exemptions and concessions are also still available to first home owners. To read the full First Home Owner Boost factsheet, go to the Office of State Revenue website and follow the links.

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