RECEIVE UP TO $26,500 IN GOVERNMENT GRANTS FROM 1ST JULY, 2010 TO 30TH JUNE 2011 ON NEWLY CONSTRUCTED HOMES ....
As part of the recent budget announcements, the Victorian Government has detailed an extension of the home buyers bonus for another 12 months from 1st July, 2010 to 30th June 2011, increasing both the First Home Bonus and First Home Owner Regional Bonus by $2,000 each for newly constructed homes. If you are a first home buyer the Federal Government offers a First Home Owner Grant to "encourage and assist home ownership and to offset the effect of the GST on home ownership." A payment of up to $7,000 is payable to eligible first home owners purchasing either an existing home or a newly constructed home.
From1st January 2010 to 30th June 2010 the Victoria Government has been offering to eligible first home purchasers, a further grant called First Home Bonus of $2,000 for established homes and $11,000 for houses to be newly constructed homes. During this period the First Home Owner Regional Bonus grant offered is $4,500 for newly constructed homes. As part of the Victorian Government's budget announcements, the First Home Bonus for the purchase of established homes will cease from 1st July 2010. However, for First Home Purchasers buying a newly constructed home, the First Home Bonus will be $13,000, with the First Home Owner Regional Bonus increasing to $6,500. Therefore, from 1st July 2010 to 30th June 2011 the total grants available to eligible first home purchasers for the purchase of an existing house will be $7,000. The total grants available to eligible first home purchasers for the purchase of a newly constructed home in a regional area will be $26,500. For more information, please visit the Victorian State Revenue Office FHOG website.
This is general information only, so be sure to confirm your individual eligibility with your solicitor.
Grants available for First Home Purchases with a Contract Date from 1st January 2010 to 30 June 2010
NEW HOMES | AMOUNT | First Home Owner Grant# | $7,000 | First Home Bonus * | $11,000 | First Home Owner Regional Bonus * | $4,500 | TOTAL GRANTS AVAILABLE | $22,500 |
ESTABLISHED HOMES | AMOUNT | First Home Owner Grant# | $7,000 | First Home Bonus * | $2,000 | TOTAL GRANTS AVAILABLE | $9,000 |
* Additional Condition: For contracts entered into between 1 July 2009 to 30 June 2010, the value of the property must not exceed $600,000. # Additional Condition: For contracts entered into after 1 January 2010, the price of the property or construction of the home must not exceed $750,000. Grants available for First Home Purchases with a Contract Date from1st July 2010 to 30 June 2011 |
NEW HOMES | AMOUNT | First Home Owner Grant # | $7,000 | First Home Bonus * | $13,000 | First Home Owner Regional Bonus * | $6,500 | TOTAL GRANTS AVAILABLE | $26,500 |
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ESTABLISHED HOMES | AMOUNT | First Home Owner Grant # | $7,000 | FirstHome Owner Boost | $0 | First Home Bonus | $0 | TOTAL GRANTS AVAILABLE | $7,000
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* Additional Condition: For contractsentered into between 1 July2009 to 30 June 2010, the value of theproperty must not exceed $600,000. #Additional Condition: For contracts enteredinto after 1 January2010, the price of the property or construction ofthe home must notexceed $750,000.
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