The Australian Government announced a six month extension to the First Home Owner Boost Scheme as part of its 2009-2010 Budget.
The First Home Owner Boost will continue in its current form for first home buyers entering into contracts (and owner builders who commence construction) up to and including 30 September 2009, providing eligible first home buyers with $7,000 for established homes and $14,000 for new homes.
In combination with the existing $7,000 First Home Owner Grant, this means first home owners will receive $14,000 for established homes and $21,000 for new homes. For first home buyers entering into contracts (and owner builders who commence construction) on or after 1 October 2009 and on or before 31 December 2009, the Boost will be halved to $3,500 for established homes and $7,000 for new homes.
In combination with the existing $7,000 First Home Owners Grant, this will bring the grant to $10,500 for established homes and $14,000 for new homes.
