From Friday 1 January 2010, eligibility for the existing FHOGS (First Home Owner Grant Scheme) benefit of $7,000 will be restricted as follows:
• NSW – purchase property value capped at $750,000.
• WA – purchase property value capped at $750,000 for post codes south of the 26th parallel (i.e. from Kalbarri 6536) and $1,000,000 for post codes north of the 26th parallel (i.e. from Denham 6537).
• VIC – purchase property value capped at $750,000 (a farm purchased as a principle residence is excluded from the cap).
• QLD – purchase property value capped at $1,000,000.
• NT – purchase property value capped at $750,000 (First Home Owner Transfer Stamp Duty Concession eligibility will also be capped at $750,000 for established dwellings and $385,000 for vacant land).
• SA/TAS/ACT – no purchase property value cap applies.
Most first time home buyers should not be affected, and the extension to 30th June 2010 is a welcome sign for buyers seeking a home.
