Important information
As a part of Budget 2009-2010 the Australian Government has announced an extension to the First Home Owners Boost until 31 December 2009 with changes to the payment from 1 October 2009.
Am I eligible?
If you are a first home buyer you may be eligible for additional support from the Australian Government through the First Home Owners Boost.
To be eligible for the Boost, you must enter into a contract to purchase an existing home, construct or purchase a new home or buy 'off the plan' between 14 October 2008 and 31 December 2009 (inclusive), and:
- be at least 18 years of age
- be an Australian citizen or permanent resident
- not have previously received the First Home Owner Grant or have a spouse (or de facto) who has previously received the Grant
- generally not have previously owned and lived in a home, or have a spouse (or de facto) who has previously owned and lived in a home in Australia and
- live in the home for a continuous period of at least 6 months, commencing within 12 months after completion or settlement.
The Boost is not means tested and can be used to buy a property of any value.
How much will I receive before 1 October 2009?
Eligible first home buyers who sign a contract to purchase an existing home between 14 October 2008 and 30 September 2009 (inclusive) will receive an extra $7000, taking the total lump sum payment (including the First Home Owner Grant) to $14,000.
Eligible first home buyers who sign a contract to construct or purchase a new home between 14 October 2008 and 30 September 2009 (inclusive) will receive an extra $14,000, taking the total lump sum payment (including the First Home Owner Grant) to $21,000.
How much will I receive from 1 October 2009 to 31 December 2009?
The First Home Owners Boost payment will change from 1 October 2009 and cease on the 31 December 2009.
Eligible first home buyers who sign a contract to purchase an existing home between 1 October 2009 and 31 December 2009 (inclusive) will receive an extra $3500, taking the total lump sum payment (including the First Home Owner Grant) to $10,500.
Eligible first home buyers who sign a contract to purchase or construct a new home between 1 October 2009 and 31 December 2009 (inclusive) will receive an extra $7,000, taking the total lump sum payment (including the First Home Owner Grant) to $14,000.
What if I purchase an existing home?
If you are a first home buyer and enter into a contract to purchase an existing home between 14 October 2008 and 31 December 2009 (inclusive), you may be eligible for the First Home Owners Boost.
If you are a first home buyer who entered into a contract to purchase an existing home prior to 14 October 2008, you will not be eligible for the Boost. This applies even if you have not yet taken ownership of the home (or settled). You may still be able to apply for the existing First Home Owner Grant.
What if I purchase or construct a new home?
If you are a first home buyer and sign a contract to purchase or construct a new home between 14 October 2008 and 31 December 2009 (inclusive), you may be eligible for the First Home Owners Boost.
In the case of owner-builders, construction must have commenced during this period.
The Boost for newly constructed homes will be payable to first home buyers contracting to build where:
- building starts within 26 weeks of signing the contract and
- the building contract stipulates that the home will be completed within 18 months of the date of commencement. If the contract does not make this stipulation, then the actual completion of the home must be within 18 months.
For owner-builders, completion of the home must be within 18 months of commencement.
For a new home purchased ‘off the plan’ (for example a unit in a large complex), the contract must stipulate the date by which the home will be completed.
For ‘off the plan’ purchases entered into between 14 October 2008 and 30 June 2009 (inclusive) the contract must stipulate that the home will be completed on or before 31 December 2010.
For 'off-the-plan' purchase contracts entered into between 1 July 2009 and 30 September 2009 (inclusive), the contract must stipulate that the home will be completed on or before 31 March 2011.
For 'off-the-plan' purchase contracts entered into between 1 October 2009 and 31 December 2009 (inclusive), the contract must stipulate that the home will be completed on or before 30 June 2011.
If the contract does not stipulate a completion date, actual completion must be by the relevant date.
If you are a first home buyer who entered into a contract or commenced construction prior to 14 October 2008, you will not be eligible for the First Home Owners Boost. You may still be able to apply for the existing First Home Owner Grant.
What is a new home?
A new home is a home that has never been sold before nor occupied by any person.
This includes:
- contracts to build a home
- homes bought 'off the plan'
- homes constructed by owner-builders
- purchase of homes that have been built but never sold or occupied, for example display homes.
A residence that undergoes substantial renovation or the replacement of a demolished premises may qualify as a new home, but only if the sale of the property is treated by the vendor as the taxable supply of new residential premises as defined in A New Tax System (Goods and Service Tax) Act 1999.
How do I apply for the Boost?
The First Home Owners Boost was introduced as part of the Australian Government’s Economic Security Strategy and is administered by state and territory governments.
Application forms for the Boost are available on state and territory revenue office websites and must be lodged within 12 months of completion or settlement.
How will I be paid?
For a new home, the Boost will be paid in a lump sum, together with the First Home Owner Grant, upon completion. In most cases, this is when a certificate of occupancy is provided.
For an existing home, the Boost will be paid in a lump sum, together with the First Home Owner Grant, on settlement.
If you provide express consent, the Boost could also be used to offset against statutory levies and charges, for example stamp duty.
Is there any other financial help available for first home buyers?
In addition to the First Home Owner Grant and the Australian Government's First Home Owners Boost , there may be additional support offered for first home buyers through state and territory governments, such as extra grants or stamp duty concessions. Visit your state or territory revenue office website for more information.
What happens after 31 December 2009?
While the First Home Owners Boost will no longer be available after 31 December 2009, the $7000 First Home Owner Grant will continue.
Contact Information
For more information about the First Home Owners Boost, call
1800 222 282, or contact the revenue office in your state or territory.
Australian Capital Territory02 6207 0028
ACT Revenue Office websiteNew South Wales 1300 130 624
NSW Government - Office of State Revenue websiteNorthern Territory1300 305 353
Northern Territory Government website Queensland 1300 300 734
Queensland Government - Office of State Revenue website South Australia 1800 637 778
Revenue SA website Tasmania03 6233 2927
Department of Treasury and Finance, Tasmania website Victoria 13 21 61
State Revenue Office Victoria website Western Australia 1300 363 211
Western Australia Department of Treasury and Finance website