Increase to the First Home Owners Grant Scheme

The Federal Government announced yesterday that first home
buyers will be eligible for grants of up to $21,000.

The amendments are believed to take place from yesterday, 14
October 2008, and therefore only contracts exchanged after this
date will be eligible, however we are waiting for confirmation from
the Office of State Revenue that this is correct.

Under the new First Home Owners Scheme:

• First home buyers who purchase established homes will have the grant which they are currently entitled to doubled from $7,000 to $14,000; and
• First home buyers who purchase a newly-constructed home will receive an extra $14,000 to take their total grant to $21,000.

The increased benefits will end on 30 June 2009 and therefore contracts must be entered into by this date.

We are keeping an eye on the OSR website and will provide with updated details as soon as they come to hand.

Please do not hesitate to contact us if you have any questions.

**Note: this information was obtained from the Prime Minister's Media Release and should not be relied on as legal advice.