FIRST-home buyers rushing to sign contracts before June 30 can now relax with news that the first-home owner’s boost will now be extended in full for three months.
After September, those entering the market will be eligible for half the boost until the end of the year.
First-home owners entering contracts between July 1 and September 30 will continue to receive the boost of $7,000 if they are buying an established home and $14,000 if they buy a new home.
Combined with the First Home Owners Scheme grant, this means first-time buyers will get a total of $14,000 when they buy established homes and $21,000 for new homes.
The boost will halve for those entering into new contracts from October 1 until December 31, with those buying established homes receiving $3,500 while those buying new homes will receive $7,000.
This means the former will get a total of $10,500 and the latter will receive $14,000 when combined with the $7,000 first-home owner’s grant.
The highly anticipated move, which will help stimulate housing activity and construction, will cost the Government $539 million over three years.
So far, the first-home owner’s boost has helped 59,000 Australians buy their first home.