May 10th, 2009

The demand for the established homes would have slow down. On 6 May 2009, Victorian Government has made an announcement to reduce the state grant for estblished homes from $3,000 to $2,000. After the First Home Owner Boost ended many will just sit and wait to see what is gonna happen to the property market.
Established homes
14 October 2008 and 30 June 2009
First home buyers purchasing an established home may be eligible for the $7,000 Boost in addition to the First Home Owner Grant ($7,000) and the First Home Bonus ($3,000*), bringing the total benefits to $17,000.
After 30 June 2009
First Home Buyers may be eligible for the First Home Owner Grant ($7000) and the First Home Bonus ($2000), bringing the total benefits to $9,000
New Homes
14 October 2008 and 30 June 2009
First home buyers building a new home or purchasing a newly constructed home may be eligible for the $14,000 Boost, in addition to the First Home Owner Grant ($7,000), the First Home Bonus ($5,000*), bringing the total benefits to $26,000.
After 30 June 2009
First Home Buyers may be eligible for the First Home Owner Grant ($7,000) and the First Home Bonus ($11,000), bringing the total benefits to $18,000.
*Note : First Home Owner Grant and Boost is offered by the Federal Government. First Home Bonus is given by the VIctorian Government.
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Tags: Federal Government, FHOC, First Home Owner Grant, Victorian Government
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