The First Home Owners Boost (FHOB) was established by the Federal Government in 2008 to encourage stimulus to the housing market during the global financial crisis.
It was an extra incentive to the First Home Owners Grant (FHOG) which already provided a substantial reduction in stamp duty costs and a $7,000 hand out to first home buyers. The First Home Owners Boost was reduced on October 1, 2009, from an extra $7,000 for existing homes and $14,000 for newly built homes, to an extra $3,500 for existing homes and $7,000 for a new home. The First Home Owners Boost ends on December 31, 2009, however the original First Home Owners Grant of $7,000 will continue.
For more inforamtion on the First Home Owners Grant you’ll need to check your relevant state or territory requirements at the following sites:
- Australian Capital Territory – ACT Revenue Office
- New South Wales – NSW Office of State Revenue
- Northern Territory – NT Department of Treasury and Finance
- Queensland – QLD Government
- South Australia – RevenueSA
- Tasmania – Tasmanian Dept of Treasury and Finance
- Victoria – State Revenue Office of Victoria
- Western Australia – WA Department of Finance