First Home Buyers Information Centre

Commonwealth’s First Home Owner Boost 

The Australian Government has announced a First Home Owner Boost, which supplements the NSW Government funded First Home Owner Grant Scheme. According to the announcement from the Commonwealth:

first home buyers who purchase established homes will receive a boost of $7,000 that will double the grant to $14,000 first home buyers who build a new home or purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000.

NSW New Home Buyers Supplement 

First home buyers in NSW who qualify for the First Home Owner Grant and are buying a newly constructed home or building their first home will be eligible for an additional $3,000 payment known as the NSW New Home Buyers Supplement.

The $3,000 New Home Buyers Supplement is in addition to the $7,000 First Home Owner Grant and the Australian Government’s $14, 000 First Home Owner Boost. With the NSW Government’s New Home Buyers Supplement Scheme, first home buyers of new homes will receive maximum benefits of up to $24,000.

Both the First Home Owner Grant and the New Home Buyers Supplement are fully funded by the NSW Government.

To understand just how good the modern day first home buyer has it.
See below table showing the cash contribution they need to make for a $300,000, $400,000, and $500,000 property.

First Home Buyer Estimated Cash Contribution Comparison (as at 10/3/2009)