Financial markets are in crisis, inflation is climbing, interest rates are still high, and buying your first home may seem out of reach or just too risky. But the Australian Government wants to help get Australian’s into the property market.
The first home owner boost scheme announced in early October is part of a $10.4 billion stimulus package aimed at protecting the Australian economy during the global financial crisis.
For those eligible for the existing first home owners grant, this boost gives you an extra $7,000 for buying an established home and an extra $14,000 if you’re building a new home, but you must complete the process before 30 June 2009.
This brings the total benefits for people buying established homes to a total of $14,000 and $21,000 if you’re building a new home.
Some states also offer additional bonus payments or transfer duty exemptions and concessions, which put even more cash in your pocket.