Saturday, December 04, 2010

First Home Owner Grant

For lack of anything to update on our build due to the delay of our land title and settlement, I decided to post some information regarding the First Home Owner Grant.

The tables below set out the different amounts that first home buyers in Victoria may be eligible for:

Contract Date (1 July 2010 - 30 June 2011)

ConditionsFirst Home Owner Grant (FHOG)First Home BonusFirst Home Owner Regional BonusTotal
Established homes only$7,000#$0.00$0.00$7,000
Newly constructed homes in Metropolitan Victoria only$7,000#$13,000*$0.00$20,000
Newly constructed homes in Regional Victoria only$7,000#$13,000*$6,500*$26,500
#For contracts entered into after 1 January 2010, to qualify for the Grant, the price of the property or construction of the home must not exceed $750,000.
*For contracts entered into between 1 July 2009 to 30 June 2011, to qualify for the Bonus, the value of the property must not exceed $600,000.

Based from the table above, we qualify for a total of $20,000 which is quite a good sum to be deducted from our total mortgage.  All we needed to do is complete the application forms, attach the required documents and send it through our bank which is an approved agent of the State Revenue Office (SRO).