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On 14 October 2008, the Australian Government announced that it was introducing the First Home Owners Boost, which together with the current $7,000 First Home Owner Grant (“FHOG”) will provide first home buyers with up to $21,000 on houses purchased before 30 June 2009.
The Boost applies to contracts entered into on or after 14 October 2008 and will leverage off the administration of the current FHOG scheme (Noting that some details are yet to be finalised with the Commonwealth).
The First Home Owners Boost will provide an additional $7,000 to first home buyers purchasing an established home before the end of June 2009. First home buyers purchasing a newly-constructed home will receive an additional $14,000 on contracts signed before the end of June 2009.
Time limits will apply on the building and completion of the newly-constructed home in order for first home buyers to qualify for the First Home Owners Boost. A newly-constructed home means a property that has never been sold by the builder/vendor, or been occupied as a residence by a tenant or other occupant. The purchaser must have proof, such as a statement from the vendor or other evidence, that the property meets these requirements for them to be eligible for the higher level of the First Home Owners Boost.
The FHOG eligibility criteria are generally that:
the applicant be a natural person;
the applicant be at least 18;
the applicant be an Australian citizen or permanent resident;
the applicant or their spouse must not have received an earlier grant;
the applicant or their spouse must not have had a prior interest in residential property;
the applicant must occupy the home to which the application relates as the applicant’s principal place of residence for a continuous period of at least 6 months (or a shorter period approved by the Commissioner) commencing within 12 months of completion of the eligible transaction (or within a longer period approved by the Commissioner).
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