Property Update - Boost for First Home Buyers
Author:
Rockliffs Solicitors and IP Lawyers
Publish Date: November 17, 2008
In encouraging news for first time home buyers, the Federal Government has recently announced a boost to the First Home Owners Grant for new and established homes.
The First Home Owner Boost Scheme offers an extra $14,000 for first home buyers buying or building a new home (the total grant now being $21,000), and an extra $7,000 for first home buyers buying an established home (the total grant now being $14,000).
Buying or Building your first home? Timing is Critical
The First Home Owner Boost Scheme will be triggered by first home buyers who exchange contracts between 14 October 2008 and 30 June 2009. For those building a new home and claiming the additional financial benefits, the building contract must either specify a completion date prior to 31 December 2008, or the construction must actually be completed on or before 31 December 2010. The eligibility requirements of the scheme remain unchanged, and the grant is available to people buying or building their first home, regardless of the value of the home and or income.
Additional Boost for buyers in New South Wales (NSW)
First home buyers in NSW who qualify for the First Home Owner Grant will also be rewarded with an additional $3,000 in circumstances where they are building a new home, and or buying a newly constructed home. Combined with the Federal Government's boost, first home buyers of new homes in New South Wales will now receive maximum benefits of up to $24,000.
If you are a first home buyer and are wondering if you are eligible for the First Home Owners Grant Scheme, please do not hesitate to contact us. For additional information on the existing First Home Buyers Scheme, please refer to our online guide here. Rockliffs experienced team of property and conveyancing lawyers can assist you with the purchase of residential and "off the plan" properties, and will guide you through the transaction from start to finish.
For further information or assistance please contact Rockliffs on 02 9299 4912 or email us at lawyers@rockliffs.com.au