First Home Owners In Point Cook

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) (for contracts entered into on or after 14 October 2008 and before 1 January 2010),
  • A regional bonus,
  • A reduction of duty for eligible first home buyers.

 

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 for contracts entered into prior to 1 January 2010.

For contracts entered into on or after 1 January 2010, the grant will only be payable where the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.

 

First Home Bonus

1 July 2010 to 30 June 2012 (contract date)
If you are eligible to receive the Grant, you may also be entitled to receive an additional payment of $13,000 (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 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).
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).
To be eligible to receive the Bonus, the purchase price of the property must not exceed $500,000.

 

Regional Bonus

1 July 2010 to 30 June 2012 (contract date)
For contracts entered into for the purchase or construction of a new home in a regional municipality in Victoria, an additional $6,500 regional bonus is also available (in addition to the $13,000 bonus).

1 July 2009 to 30 June 2010 (contract date)
For contracts entered into for the purchase or construction of a new home in a regional municipality in Victoria, an additional $4500 regional bonus is also available (in addition to the $11,000 bonus).

6 May 2008 to 30 June 2009 (contract date)
For contracts entered into for the purchase or construction of a new home in a regional municipality in Victoria, an additional $3000 regional bonus is also available (in addition to the $5000 bonus).

 

First Home Owner Boost

Please Note: The First Home Owner Boost ceased to apply for contracts entered into on or after 1 January 2010.

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:

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.

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.

 

Contact the MICM Property Point Cook office today and learn all about your benefits and how you can use them to the fullest.

 

Source: State Revenue Office Victoria.
For more information visit: www.sro.vic.gov.au