First homeowners enjoy a boost

Thinking of leaving the rental market and buying your first property? A range of financial incentives are now available to the first homebuyer.

On October 14, the Government announced the First Home Owners Boost, an initiative which enables first home buyers who purchase established homes to receive a boost of $7000 that doubles the grant to $14,000.

It's an even rosier picture for first homebuyers building or buying newly constructed homes: they will receive an extra $14,000, taking their grant to $21,000. This boost is available for contracts entered into before June 30 2009.

States and territories are making further announcements in their Budgets. For example, the NSW Government has recently confirmed an additional New Home Buyers Supplement of $3,000 for applicants building a new home or buying a newly constructed home. The $3,000 Supplement will be available for 12 months (11 November 2008 to 10 November 2009 inclusive), at which time it will be reviewed in the context of the property market.

If you are considering buying your first home and you want to find out what financial assistance you may be eligible for, contact the Office of State Revenue in your state or territory.