St Arnaud Real Estate

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The First Home Owner Grant: up to $17,000 towards your first home

keys to house The First Home Owner Grant Scheme provides purchasers of existing homes with up to $17,000 in payments from the state and federal governments. The grant was increased to this level on 14 October 2008 by the federal government's 'First Home Owner Boost Scheme'. The Boost Scheme is being gradually phased out in the second half of 2009.

Who is eligible?

The First Home Owners Grant is open to people who satisfy the following criteria:

You and your spouse/partner must not have previously received the First Home Owners Grant
You and your spouse/partner must never have owned residential property, either jointly, separately or with some other person
You must be at least 18 years of age at the time of settlement
You (or at least one applicant) must be a permanent resident or Australian citizen at the time of settlement
The house purchased must be your principal place of residence for a continuous period of at least 6 months within the first year of owning it

What purchases are eligible?

You are eligible for the grant if you have entered into a contract of sale or agreeement for the purchase of an established home in Victoria.

The property you are purchasing must be capable of being a place of residence (ie not industrial or farming property without a house on the land). This generally includes:

House
Flat
Unit
Townhouse
Apartment or
Moveable home relocated onto land owned by the applicant

Note: the grant is also payable for the construction of new homes (with additional payments). For further information on grants available for new homes, you should refer to the State Revenue Office of Victoria website.

How much is payable? (Updated 22 June 2009)

The scheme includes payments from both the state and federal governments. The total amount payable for the purchase of an established home is made up of the following, depending on when you purchase the home:

Purchase date between	First Home Owner Grant	New First Home Owner Boost	First home bonus*	TOTAL
14 October 2008 and 30 June 2009	$7,000	$7,000	$3,000	$17,000
1 July 2009 and 30 September 2009	$7,000	$7,000	$2,000	$16,000
1 October 2009 and 31 December 2009	$7,000	$3,500	$2,000	$12,500
1 January 2010 and 30 June 2010	$7,000	$0	$2,000	$9,000

* The 'first home bonus' is payable by the State Goverment of Victoria. To be eligible for this payment, the value of the property must not exceed $600,000.

Further payments are available for construction of new homes.

When is this paid?

An application for the grant can only be made after settlement. Once you make an application to the State Revenue Office, the grant is paid to your nominated bank account within 14 days.

application form How do I apply?

Generally, you apply for the grant through an 'approved agent'. This is usually your bank, with the application being lodged when you apply for finance. It is also possible to make an application directly to the State Revenue Office. You can download the following documentation to make your application:

Lodgement Guide
Application Form

Further information

This page is intended to provide a summary only. For further information, you can visit the State Revenue Office of Victoria website, telephone them on 13 21 61 or email sro@sro.vic.gov.au.

tony driscoll st arnaud agent Looking for your first home in the St Arnaud district?

If you are looking for your first home in the St Arnaud district, complete our looking to buy form, or alternatively contact Tony Driscoll on 0409 979 005 or email tony@starnaudrealestate.com.

Please note: The information provided here is of a general nature only and the explanation and summary is Copyright 2009.It is intended to provide a brief overview of the First Home Owners Grant in relation to the purchase of existing real estate only. This information was correct at the time of writing, but is subject to change.This summary is not comprehensive and is not offered as advice.You should seek advice from the State Revenue Office or your solicitor to determine eligibility based on your specific situation before making any fiscal decisions. This information must not be reproduced without permission of the author.