First Home Owner Boost Scheme ~ Frequently asked Questions

Q. What is the First Home Owner Boost Scheme?

A. The First Home Owner Boost Scheme is an Australian Government initiative to assist people to purchase or build their first home.

Q. How much is a First Home Owner Boost Scheme benefit?

A. Established Home

• An extra $7 000 to first home buyers purchasing an established home between
  14 October 2008 and 30 September 2009; or
• An extra $3 500 to first home buyers purchasing an established home between
  1 October 2009 and 31 December 2009.

• An extra $14,000 for first home buyers purchasing or building a new home between
  14 October 2008 and 30 September 2009; or
• An extra $7 000 for first home buyers purchasing or building a new home between
  1 October 2009 and 31 December 2009.

Q. What is a new home?

A. A new home is a home that has not previously been sold or occupied as a place of residence, including occupation by the builder, a tenant or other occupant.

Q. When does the First Home Owner Boost Scheme apply from?

A. The First Home Owner Boost Scheme applies to contracts dated between 14 October 2008 and 31 December 2009 (inclusive). For owner builders construction must have commenced between those dates.

Q. If my contract is dated before 14 October 2008, do I qualify for the First Home Owner Boost Scheme?

A. No. To be eligible for the First Home Owner Boost Scheme, contracts must have been executed (signed and dated) between 14 October 2008 and 31 December 2009 (inclusive).

Q. Can I rescind my contract and enter into a new contract dated on or after 14 October 2008 to purchase or build the same home?

A. The First Home Owner Boost Scheme will not apply to a contract which replaces a rescinded contract made before 14 October 2008 to purchase the same home or to build the same or a substantially similar home.

Q. Who is eligible for the First Home Owner Boost Scheme?

A. To be eligible for the First Home Owner Boost Scheme, first home buyers must satisfy the requirements of the existing $7,000 First Home Owner Grant and the additional First Home Owner Boost Scheme requirements detailed in the First Home Owner Boost Factsheet.

Q. How do I apply for the First Home Owner Boost Scheme?

A. To apply for the First Home Owner Boost Scheme benefit for an established home, first home buyers only need to complete the First Home Owner Grant application form.

To apply for the First Home Owner Boost Scheme benefit for building a new home or purchasing a newly constructed home, first home buyers need to complete the First Home Owner Grant application form and the Addendum for the First Home Owner Boost Scheme.

Q. Does a substantially renovated home qualify as a new home?

A. Yes, provided the home has not, since being substantially renovated, been occupied or sold as a place of residence and provided the sale of the property is treated by the vendor as the taxable supply of new residential premises as defined in A New Tax System (Goods and Services Tax) Act 1999. Substantial renovations of a building are renovations in which all, or substantially all, of a building is removed or replaced.

Q. Does the price of the home need to be under a limit for the first home buyers to receive the First Home Owner Boost Scheme benefit?

A. No, there is no limit on the price of the home. However the amount of the benefit payable can not exceed the consideration paid to buy or build the home.

Q. Is the First Home Owner Boost Scheme means-tested?

A. No, the First Home Owner Boost Scheme is not means-tested.