First Home Owners Grant Tripled? Not really!

by Chris Lang on October 17, 2008

Let’s get one thing straight – First Home Owners Grant didn’t triple. The media got many people thinking that it did, but if you’re going to let this buzz pressure you into buying a house sooner – better get your facts straight.

Here is what happened: from 14th of October 2008 and till 30 of June 2009 the FHOG (First Home Owners Grant) goes up. People buying their first established home now get extra $7000 (on top of previously offered $7000 FHOG plus 3000 First Home Owner Bonus). So together it makes $17000 instead of $10000, which means that it didn’t even double. Another thing to notice is that the Bonus is only given on purchase of house that doesn’t exceed $500,000

People who purchase their first home and it’s a newly constructed one will get an additional $14000 (on top of $7000 they used to get) so in total that makes $21000. This is the famous tripled grant you keep hearing about. And if you’re buying in the regional Victoria, then instead of $26000 you will be getting $29000, subject to certain requirements.

Speaking of conditions and requirements, the best thing is to check the SRO website to make sure what kind of grant applies to your specific situation. And here is the link to “tripled grant” press release.

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