First Home Buyers - Overview

If you are a first home buyer you may be entitled to receive the First Home Owner Grant (the Grant), the First Home Bonus (the Bonus), and the First Home Owner Boost (the Boost).

Entitlements under the Boost Scheme are only available for those entering into contracts (to buy an established home or buy/build a new home) between 14 October 2008 and 30 June 2010.

The following provides an overview of the amounts that a first home buyer may be eligible to receive under the different schemes.

First Home Owner Grant

The First Home Owner Grant provides first home buyers that satisfy the eligibility criteria with a $7000 grant. This $7000 grant is not means-tested nor is it restricted by the price of the property for contracts entered into up to 31 December 2009.

The Grant is an on-going scheme with no end date yet specified.

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), which is 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.

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 $7,000. The Boost provides:

 - an extra $3,500 to first home buyers who purchase an established home; and
 - an extra $7,000 to first home buyers who build a new home or purchase a newly constructed home.
  Further information about the Boost.