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The First Home Owner Grants and bonuses explained

September 11, 2010 4min read

If you’re having trouble getting your head around the grants and bonuses available, you’re certainly not the only one. Take a look at this summary of what’s on offer and important criteria you should keep in mind.
The First Home Owner Grant (FHOG) is available until 30 June 2011.

Depending on what you are eligible for, you could get:

  • The First Home Owner Grant of $7000 for new and established homes (price of property must not exceed $750,000)
  • The First Home Bonus, which offers an additional $13,000 if you are building a new home in Victoria (property must not exceed $600,000)
  • An additional Regional Bonus of $6,500 if you build in regional Victoria

The most important thing to remember is that you must start the paperwork no later than 12 weeks prior to the 30 June 2011 closing date (so mark 7 April 2011 in your diary now) to ensure the contract is sorted in time.