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ARTICLE · 13 MAY 2009

Budget Changes To The Home Owners Grant Scheme

Norton Rose Fulbright Australia
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The Budget delivered on 12 May 2009 has retained the First Home Owners Grant Scheme but changes are phased in over the next 6 months until December 2009 when the scheme is set to end.

AustraliaReal Estate and Construction
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Article by Matthew Derrick and Tarryn Barker

The Budget delivered on 12 May 2009 has retained the First Home Owners Grant Scheme but changes are phased in over the next 6 months until December 2009 when the scheme is set to end.

The current situation

The First Home Owner Grant was introduced in 2000 to offset the impact of GST on first home ownership.

Currently, a first home buyer who enters into a contract between 14 October 2008 and 30 June 2009 (inclusive) to:

  • buy an established home1 is eligible to receive the $7,000 First Home Owner Grant plus an additional $7,000 boost; or
  • build a new home or buy a newly constructed home2 is eligible to receive the $7,000 First Home Owner Grant plus an additional $14,000 boost.

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