Changes to the First Home Owners Grant Scheme Boost and Government Fees

The Federal Government has extended the First Home Owners Grant Scheme Boost for six months from 1 July 2009 to 31 December 2009.

The Federal Government’s First Home Owners Grant of $7,000 will continue.

For established homes, customers must enter into the contract no later than 30 September 2009 to receive the $7,000; customers entering into a contract from 1 October 2009 – 31 December will receive a $3,500 boost payment

For new homes, customers must enter into the contract no later than 30 September 2009 to receive the $14,000 and customers entering into a contract from 1 October 2009 – 31 December will receive a $7,000 boost payment.

There are three eligible transactions under the new home scenario: For construction loans where a building contract has been signed building must commence within 26 weeks and the construction must be completed within 18 months.

For off the plan purchases the contract must be signed on or before 30 September 2009 to receive the $14,000 and on or before 31 December 2009 to receive the $7,000. Construction work must be completed on or before 31 March 2011.

Victoria: Changes to the Victorian Home Bonus From 1 July 2009 – 30 June 2010 the Victorian Government funded Home Bonus will reduce from $3,000 to $2,000 for existing homes and will increase from $5,000 to $11,000 for new homes.

Eligible transactions will increase from $500,000 to $600,000.

Changes to the Victorian Regional Home Bonus From 1 July 2009 – 30 June 2010 the Victorian Government funded Regional Home Bonus will increase from $3,000 to $4,500 for eligible customers. 

  Government Fees

VICTORIA

VIC Mortgage Registration fee changes Effective 1 July 2009,

Victorian registration fees will increase:

Registration of Mortgage fee will be $98.00 (previously $95.10)

Registration of Discharge of Mortgage will be $98.00 (previously $95.10)

Registration of Transfer of Mortgage will be $119.40 (previously $115.90) plus $2.46 for every $1,000 of the transaction. The maximum fee is $1,350.

NEW SOUTH WALES

Changes to NSW FHOG Benefits application processing As from 25 May 2009, the NSW OSR requires a minimum of one day before funds are available following submission of the FHOG application.

This is to allow time for ownership checks to be conducted.

In most instances previously, funds were available on the day of submission (although the OSR has never guaranteed funds within 48 hours). 

 NSW Mortgage Registration fee changes Effective 1 July 2009, NSW registration fees will increase:

Registration of Mortgage fee will be $95.00 (previously $92.10)

Registration of Discharge of Mortgage will be $95.00 (previously $92.10)

Registration of Transfer of Mortgage will be $190.00 (previously $184.00).

WESTERN AUSTRALIA

WA Registration fee changes Effective 1 July 2009, these WA registration fees will increase:

Registration of Mortgage fee will be $110.00 (previously $105.00)

Registration of Discharge of Mortgage will be $110.00 (previously $105.00)

Registration of Transfer of Mortgage will be $110.00 (previously $105.00), plus $20 for every $1000 or part thereof over $85,000.

SOUTH AUSTRALIA

Abolition of Mortgage Stamp Duty in South Australia Effective 1 July 2009 mortgage stamp duty in South Australia will no longer exist.