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Federal Budget delivers welcome surprise for first home buyers

After months of speculation that the boost to the first home owners grant was due to expire on June 30, the government has delivered a welcome surprise for first home owners, extending the grant until December 31.

The first home owners grant was lifted from $7,000 to $14,000 for existing dwellings and from $14,000 to $21,000 for new homes as part of the $10.4 billion stimulus package unveiled by the government in October last year.

The changes will mean that people who enter into contracts on or before September 30 will still be eligible for a grant of $14,000 for an existing dwelling and $21,000 for a new home; and those looking for a home between October 1 and December 31 will have their boost halved, equating to a $10,500 grant for established homes and $14,000 for new homes.

Treasurer Wayne Swan said the first home owners boost had already helped 59,000 people own their own home, and by extending the scheme it will help thousands more.

“In light of the continuing global uncertainty and the success of this initiative, tonight, I announce that we will extend the boost for a further six months, including three months at the full rate before stepping it down,” he said in his budget speech.

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Jessica Stanic

Jessica Stanic

Jessica has a background in both marketing and journalism and is dedicated to making the website the leading online resource for small to medium businesses with ambitions to grow.

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