Victorian Home Owners Scheme

UPDATE - Introduction of FHOG cap
A cap of $750,000 on the value of homes eligible for the first home owner grant (FHOG) applies from January 1, 2010. The introduction of a cap was first announced in the 2009/10 Victorian State Budget, but was deferred because of the continuation of the Australian Government's First Home Owner Boost until 31 December 2009.

If you are a first home owner you may be entitled to receive one or more of the following:

• First Home Owner Grant (the Grant),
• First Home Bonus (the Bonus),
• First Home Owner Boost (the Boost).

First Home Owner Grant

The First Home Owner Grant provides eligible first home buyers with a $7000 grant. This grant is not means-tested nor is it restricted by the price of the property. The Grant is an on-going scheme.

First Home Bonus
1 July 2009 to 30 June 2010 (contract date)
If you are eligible to receive the Grant, you may also be entitled to receive an additional payment of $2,000 (for established homes) or $11,000 (for new homes only), known as the First Home Bonus (the Bonus).

To be eligible to receive the Bonus, the purchase price of the property must not exceed $600,000.

1 January 2007 to 30 June 2009 (contract date)
If you are eligible to receive the Grant, you may also be entitled to receive an additional payment of $3,000 (for established homes) or $5,000 (for new homes only), known as the First Home Bonus (the Bonus).

To be eligible to receive the Bonus, the purchase price of the property must not exceed $500,000.

First Home Owner Boost
The First Home Owner Boost, which was launched by the Australian Government, supplements the Victorian Government funded First Home Owner Grant of $7000. The Boost provides:

14 October 2008 to 30 September 2009 (contract date)
an extra $7000 to first home buyers who purchase an established home; and
an extra $14,000 to first home buyers who build a new home or purchase a newly constructed home.

1 October 2009 to 31 December 2009 (contract date)
an extra $3500 to first home buyers who purchase an established home; and
an extra $7000 to first home buyers who build a new home or purchase a newly constructed home.

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Further information is available at the Victorian State Revenue Office
website at http://www.sro.vic.gov.au/ or by calling 13 21 61.