Time is running out for first home buyers boost

Time is running out for first home buyers to get the Federal government’s first home buyers boost. The First Home Buyer’s Grant of $7,000 will remain in place.

First home buyers who buy a new home or home and land package before October 1 can receive the first home buyers grant of $7,000 and the first home buyer’s boost of $14,000 ($7,000 for existing houses). After October 1 the boost will reduce to $3,500 for existing houses and $7,000 for brand new houses. First home buyers who wait until 2010 to buy will only be eligible for the grant of $7,000.

Eligibility for the first home owners grant and the boosted grant for first home owners is based on the date the contract of sale is exchanged. To get the full boost, the last date you can enter into the contract is September 30 2009. Building must start within 26 weeks and be completed within 18 months. Owner-builders must complete within 18 months.

For people buying off the plan, the contract must specify a completion date on or before March 31 2011. There are also other eligibility criteria. First home buyers may also be eligible for state government grants.

Source: Sydney Morning Herald