Change to the First Home Owner Boost
The boost payment will now only apply to contracts for the purchase or construction of a new home entered into between 1 January 2017 and 30 June 2017, or in the case of owner builders, construction of the home (that is, when the foundations for the home are laid) must commence between those dates. The boost scheme was originally scheduled to cease on 31 December 2017.
Where the boost payment applies to a first home owner grant received on a contract to build a home, construction must commence within 26 weeks after entering into a building contract and be completed within 18 months after the commencement of construction. For owner builders or purchasers of a new home ‘off-the-plan’, construction of the home must be completed by 30 June 2019.
The first home owner grant of $10,000 will still be available for eligible first home owners who enter into a contract for the purchase or construction of a new home after 30 June 2017, or for owner builders who commence construction of their home after that date.
Further information on the change, including the eligibility requirements and how to apply, is available on the first home owner grant page.
See the media statement released by the Government regarding this issue.