First Home Owner Boost Extended

OPINION
by Shannyn Hunter
Conveyancer Lawyers Conveyancing

The Budget has good news for first home buyers: the cut-off date for the First Home Owner Boost (FHOB) will be extended by six months.

In Parliament Tuesday night, Treasurer Wayne Swan announced, "the First Home Owners Boost has supported employment and helped 59,000 Australians buy their first home. 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".

The FHOB, announced in October last year , gives $7,000 to eligible purchasers when they buy an existing home, and $14,000 for a new home, on top of the existing government grants in the First Home Owner Scheme.

The FHOB was set to end 30 June this year. Now, if the legislation is passed by Parliament, first home buyers will be able to get the extra cash until 30 September 2009, after which the Boost will be halved until 31 December 2009 when it will end. To be eligible the contract must be signed by the vendor on or before the cut off dates.

Interested purchasers should visit the State Revenue Office website which is updated as the details become available.

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