News Help is still available for first home buyers
At the beginning of 2010 the Australian government discontinued its popular First Home Owners Grant Boost. Many first time buyers rushed into the market at the end of 2009 to beat the boost deadline to receive an extra $7,000 or $14,000 from the federal government.
As the GFC took hold in 2010, getting into the property market suddenly didn’t seem as important as holding onto a job. As the storm clouds clear from the economic crisis it is worth remembering that first home buyers in Australia are still eligible for monetary assistance from both Federal and State governments.
First Home Owner Grant
The First Home Owner Grant is an initiative of the Australian Government to assist first home buyers to purchase their home. For eligible first home buyers, the First Home Owner Grant Scheme provides a $7,000 grant. Currently, there is no set date for the FHOG to expire. To be eligible for this money you must:
- be an Australian citizen or permanent resident
- be buying or building your first home in Australia
- have the intention of occupying the property as your principal place of residence within 12 months of the settlement and living in it continuously for at least 6 months
In addition to the FHOG that is available to all Australian first home buyers, there are additional grants offered by individual state governments.
NSW
The NSW First Home Plus scheme provides exemptions on stamp duty on the purchase of a home. The exemption from stamp duty could save you $17,990, and when combined with the FHOG means you are looking at saving $25,000 on the right property. Alternatively, if you are looking at buying vacant land the state government will waive any stamp duty on a value of up to $300,000.
Victoria
The Victorian state government has the First Home Bonus which provides first home buyers up to $13,000 for the purchase of a new home up to
$600,000. To be eligible for this scheme a property contract must entered into between 1 July 2010 and 30 June 2011. When added to the FHOG, buyers could save up to $20,000.
For more information on schemes in each state and information on how to apply, visit firsthome.gov.au
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