First Home Owners Boost extended

by Chris Lang on May 21, 2009

Government First Home Owner GrantIn case you haven’t heard already, the Boost to the First Home Owners Grant was extended. After a period of uncertainty when many people (including me) were positive that the boosted FHOG will be cut off, it was finally announced that the boost to FHOG will be extended for 3 more months at full rate and then for another 3 months at half rate.

That was the short version, if you know all about the First Home Owner Grant, the First Home Bonus and the First Home Owner Boost – you can head to other blogs. If you’re not sure and may be even a tiny little bit confused between the three forms of “free money” our government is handing out, keep on reading.

The First Home Owner Grant

The First Home Owner Grant (FHOG) is 7000$, never mind what the property price is (if you buy in 2009). If you buy in 2010, the property must cost under 600K for you to qualify for FHOG. Find out whether you’re eligible or not here.

The First Home Owners Bonus

If you buy before the 30 June 2009, the Bonus is 3000 for established and 5000 for new homes, but the property must cost below 500K.

From 1 July 2009 on the Bonus is 2000 for the established and 11000 for new homes, and the property must cost below 600K. More about the Bonus here.

The First Home Owners Boost

This is the recent “injection” of free money which was made available October last year. If you buy before 30 September 2009 an established home, your bonus is 7000, for new homes it’s 14000.

Then from 1 October the bonus will be reduced to 3500 for established and 7000 for new houses. Here is the fine print about the Boost.

And the last important bit: it’s the contract date that counts – not the settlement date.

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