The Biking Broker Newsletter - 21st May 2009

First Home Owners Grant to Stay! First Home Owners Boost Extended

Following the Federal Budget, it was announced that the FHOG would continue and the FHOB of $7,000 for established homes and $14,000 for construction of a new home would continue at that level until 30th September, 2009.

From 1st October until 31st December, 2009 the FHOB will be halved.

This means that until the end of 2009 the total available for an established house will be $10,500 and for construction of a new home will be $14,000.

From 1st January, 2010 the FHOB will no longer be available, but the FHOG will still be available at the original level of $7,000 for an existing dwelling or $7,000 for construction of a new dwelling.

The terms FHOG and FHOB have been widely interchanged in media reports surrounding the grant. The FHOG was an initiative initially brought in by the Howard Government, and the FHOB is an additional grant brought in by the Rudd Government in addition to the FHOG.