The The Federal Government has announced a First Home Owner Boost, which supplements the First Home Owner Grant Scheme. First home buyers who enter into a contract to buy their first home between 14th October 2008 and 1st October 2009 may be eligible for the increased grant.

• Eligible First home buyers who purchase established homes will receive a boost of $7,000 that will double the grant to $14,000
• Eligible First home buyers who build a new home or purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000

Adjustments to the scheme from 1st October 2009, will see the First Home Owners Boost scheme halved. Which means those buying existing homes will receive $10,500 and those buying new homes $14,000.

As of December 1, 2009 the First Home Owners Boost scheme will cease and the existing $7,000 grant will continue to be available to all first home buyers.

If you are eligible for the First home owner grant your Home Loan Specialist at the bank or your broker may be able to provide you with the appropriate forms to complete in order to apply.

There’s also a range of rebates for first home buyers from State and Federal governments, usually in the form of stamp duty rebates or exemptions. These vary from state to state.

Below you’ll find the web address for your state/territory office of revenue. They can provide you with the latest information on the First Home Owner Grant, including eligibility requirements and application forms.

NSW - www.osr.nsw.gov.au

SA - www.revenuesa.sa.gov.au

Vic - www.sro.vic.gov.au

Tas - www.treasury.tas.gov.au

ACT - www.act.gov.au

WA - www.dtf.wa.gov.au

Qld - www.osr.qld.gov.au

NT - www.nt.gov.au