Tuesday, 20 July 2010

First Home Owner Grant changes Featured

VIC First Home Owners Grant (FHOG)

First Home Bonus and Regional Bonus update July 2010

Please find below the updates to the VIC FHOG Bonus and Regional Bonus for contracts dated 1 July 2010 - 30 June 2011.

To be eligible to receive the Bonus, the purchase price of the property must not exceed $600,000. First Home Bonus

 

1 July 2010 to 30 June 2011 (contract date)

  • If you are eligible to receive the Grant, you may also be entitled to receive an additional payment of $13,000 (for new homes only), known as the First Home Bonus (the Bonus).
  • To be eligible to receive the Bonus, the purchase price of the property must not exceed $600,000.

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).
  • To be eligible to receive the Bonus, the purchase price of the property must not exceed $600,000.

How much is the First Home Bonus?

 

Contract date First Home Bonus Amount Conditions
From 1 July 2010 to 30 June 2011 $13,000 New homes only
$11,000 New homes only
From 1 July 2009 to 30 June 2010 $2000 Established homes only
$5000 New homes only
From 1 January 2007 to 30 June 2009 $3000 Established homes only
From 1 January 2006 to 31 December 2006 $3000 Established Homes/New Homes
From 1 May 2004 to 31 December 2005 $5000 Established Homes/New Homes

 

 

Regional Bonus

1 July 2010 to 30 June 2011 (contract date)

Where the purchase or construction of a new home is in a regional municipality in Victoria, an additional bonus of $6,500 is also available in addition to the $13,000 bonus. These payments are subject to certain requirements.

For any further information please refer to the VIC SRO website.

 

NSW: New Home Buyers Supplement end

The $3,000 NSW New Home Buyers Supplement finishes on 30 June 2010 and will not be available where the eligible transaction is dated after 30 June 2010.

 

WA: 26 week extension to construction

First Home Owner Boost

The First Home Owner Boost provides additional funds to applicants for the First Home Owner Grant who enter into a contract to purchase an established home, purchase or construct a new home or commence construction as an owner builder between 14 October 2008 and 31 December 2009 (inclusive).

Where an applicant has entered into a Contract to Build, to be eligible for the First Home Owner Boost, construction of the home must commence within 26 weeks of entering into the building contract (i.e. pouring of the concrete slab).

Where an applicant is unable to satisfy this condition, the Commissioner may extend the construction commencement date upon application.

Basic Requirements for Extension

An extension to the construction commencement date may be available where applicants can clearly demonstrate that:

  • the cause for the delay in commencing construction is beyond the reasonable control of the owner and beyond the reasonable control of the builder; and
  • the cause for the delay was unknown and unanticipated at the time of entering into the contract to build.

 

If you require any further information about our services, simply contact us by calling 0415 280 555 or via our contact form.

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