Property Research First Home Owner Grant, Boost, Bonus
First Home Owner Grant
The First Home Owner Grant provides eligible first home buyers with a $7000 grant. This grant is not means-tested nor is it restricted by the price of the property for contracts entered into prior to 1 January 2010.
For contracts entered into on or after 1 January 2010, the grant will only be payable where the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.
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).
Regional Bonus
1 July 2010 to 30 June 2011 (contract date)
For contracts entered into for the purchase or construction of a new home in a regional municipality in Victoria, an additional $6,500 regional bonus is also available (in addition to the $13,000 bonus).
First Home Owner Boost
The First Home Owner Boost ceased to apply from 1 January 2010.
| Contract Date | Conditions | First Home Owner Grant (FHOG) | New First Home Owner Boost | First Home Bonus | First Home Owner Regional Bonus | Total |
|---|---|---|---|---|---|---|
|
From
1 Jul 2010 to 31 Jun 2011 |
Established homes only | $7,000# | 0 | 0 | $0.00 | $7,000 |
| Newly constructed homes in Metropolitan Victoria only | $7,000# | 0 | $13,000* | $0.00 | $20,000 | |
| Newly constructed homes in Regional Victoria only | $7,000# | 0 | $13,000* | $6,500* | $26,500 | |
| #For contracts entered into after 1 January 2010, to qualify for the Grant, the price of the property or construction of the home must not exceed $750,000. *For contracts entered into between 1 July 2009 to 30 June 2011, to qualify for the Bonus, the value of the property must not exceed $600,000. |
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|
From
1 Jan 2010 to 30 Jun 2010 |
Established homes only | $7,000# | 0 | $2,000* | 0 | $9,000 |
| Newly constructed homes in Metropolitan Victoria only | $7,000# | 0 | $11,000* | 0 | $18,000 | |
| Newly constructed homes in Regional Victoria only | $7,000# | 0 | $11,000* | $4,500 | $22,500 | |
| *For contracts entered into between 1 July 2009 to 30 June 2010, the value of the property must not exceed $600,000. #For contracts entered into after 1 January 2010, the price of the property or construction of the home must not exceed $750,000. |
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This information has been taken from the website of the State Revenue Office and may not be current.
