First Home Buyers Grants

First-home buyers are able to apply for generous grants from both state and federal governments which in some instances can be as much as $29,000.

The grants are structured like this:

First, there is the underlying First Home Owner Grant of $7000, which is funded and administered by the state government and territories.

Next, there are state government bonuses that vary from state to state.

Adding to the pot, in 2008 the Federal Government announced a First Home Owner Boost Scheme (the Boost) to supplement the $7000 First Home Owner Grant. The "Boost" provides an extra $7000 to first-home buyers who purchase an established home; and an extra $14,000 to first-home buyers who build a new home or purchase a newly constructed home. First home buyers are eligible for the Boost on contracts entered into between 14 October 2008 to 30 June 2009 (inclusive).

Here's how the grants benefit first-home buyers on a state-by-state basis:

Victoria
NSW
Queensland
South Australia
Western Australia
Tasmania
Northern Territory
ACT