Thinking of buying your very first home, but stressed about the costs involved?

Q1. What financial incentive does the State Government offer to First Home Buyers ?

Q2. What amount can I claim from the State Government under the First Home Owners Grant scheme ?

Q3. What amount can I claim from the Federal Government under the First Home Bonus (FHB) scheme ?

A1. What financial incentive does the State Government offer to First Home Buyers ?

The Federal Government offers a scheme called the FOHG First Home Owners Grant to first home owners.

A2. What amount can I claim from the State Government under the First Home Owners Grant scheme ?

Firstly, the State Government is offering the First Home Owners Grant (FHOG) to the value of $7000 for both new and existing homes. This scheme has been in place since 2000, and has proven to be very successful and attractive to first home buyers. Currently, the First Home Owners Grant does not have an expiry date, however due to its popularity - especially with the extra Federal Grants available - it is not known how long this grant will last.

A3. What amount can I claim from the Federal Government under the First Home Bonus (FHB) scheme ?

The Federal Government has an additional grant available to those who qualify on top of the FHOG. This is the First Home Bonus (FHB) which entitles individuals to $7,000 for existing homes, and $14,000 for newly constructed homes. But this Grant is only available for housing contracts signed on or before 30th September 2009.

For contracts entered after this time but before the end of December this year eligible individuals may receive $3,500 for an existing home or $7,000 towards the cost of a newly built home.

So, if you were to enter into a contract to build your own home before September 30th you could be eligible for up to $21,000 in Government Grants! That is a huge saving from your pocket, so be sure to quickly consider and make your application!