The Federal Government has announced significant increases to the Grant available to first home buyers. The new measures now bring the total available to those buying a newly constructed home to $26,000 increasing to $29,000 in regional Victoria (subject to certain requirements).
First home buyers purchasing an established home will now be entitled to $14,000 increasing to $17,000 (subject to certain requirements).
First home buyers will be eligible for the new additional assistance for contracts entered into from 14 October 2008 to 30 June 2009.
More than 150,000 first home buyers are estimated to benefit from the time-limited scheme.
Under the First Home Owner Boost:
• First home buyers who purchase established homes will receive an extra $7,000 to take their total grant to $14,000; and
• First home buyers who purchase a newly constructed home will receive an extra $14,000 to take their total grant to $21,000.
The Rudd Government will invest around $1.5 billion in the housing market over 2008-09 and 2009-10 through this initiative.
In addition to these amounts, first home buyers may also be eligible for a further bonus (subject to certain requirements).
See http://www.sro.vic.gov.au for more information.
If interested in learning more about this update please contact me today!
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