GOVERNMENT EXTENDS BOOST UNTIL 31st DECEMBER 2009 - MORE INFORMATION BELOW

You may be eligible for up to $24,000 in First Home Owners Grants and exemption from Stamp Duty.

You need to be:-

• An Australian citizen or permanent resident;
• A couple or individual buying or building your first home; or
• Entering into a binding contract to buy or build a new home or a "substantially renovated" home on or after 1st July 2000; or
• Not have lived for 6 months in a home which you purchased on or after 1st July 2000; and
• Not have claimed a First Home Owner's Grant before.

In certain situations you may be eligible for the Grant even if you have already purchased a property and are buying another property.

Also you may be eligible for a refund of stamp duty on a property previously purchased.

You must apply within 12 months of settlement of an established home or 12 months of your home being built.  You must also move into the home within 12 months.

FIRST HOME OWNER BENEFITS - GOVERNMENT EXTENDS BOOST

The First Home Owners Grant consists of $7,000 with an extra Boost of $7,000 for those buying an already existing home and an extra $14,000.00 for those building or buying a new home or buying a "substantially renovated" home which hasn't been lived in since completion.  The Boost is only available on Contracts exchanged or building Contracts signed between 14th October 2008 and 30th September 2009.

Between 1st October 2009 and 31st December 2009 the Boost will consist of $3,500.00 for the purchase of existing homes and $7,000.00 for the purchase of new homes.  This means $10,500 for existing homes and $14,000.00 for new homes purchased between those dates.

For those building or buying a new home and exchanging Contracts or signing building Contracts between 11th November 2008 and 10th November 2009 then there is an additional Supplement of $3,000.

Please note the First Home Owners Grant of $7,000 will continue to be available after 31st December 2009.

STAMP DUTY EXEMPTIONS

When you are a new first home owner you are also entitled to a full exemption on stamp duty for house or land of the value to $500,000.  For example the stamp duty on a $300,000 house could save you $9,010. 

If you buy your first house in a 50% share with another person (for example your parents) then you may also be entitled to half exemption from stamp duty. 

NEED TO KNOW MORE?

Click here and we will provide free legal advice as to what you may be entitled to.  We can then provide assistance in completing your Application forms for the Grant and we will process your application for Exemption from Stamp Duty for you.