First homeowner grant relaxed

The Federal Government has relaxed the guidelines on the First Home Owners Grant on new homes.

The Government announced in October that the $14,000 grant for first home buyers of a newly-built dwelling would continue for the first six months of 2002 but at a reduced rate of $10,000.

However, the time limits have been relaxed and buyers now have 26 weeks after entering a contract to begin construction rather than 16 weeks, and have 18 months to complete construction rather than 12 months.

The $7000 grant for first home buyers still applies unchanged for existing homes.

More on the FHO Grant