The State Budget has been released and the First Home Owners
Grant will be abolished from 1 October 2012 and replaced with the First Home
Owner Grant (New Home) Scheme which will only apply to first home buyers who
purchase or build a new home valued up to $650,000.00. The grant will be for
$15,000.00 and be reduced to $10,000.00 from 1 January 2014.
The State Budget also revealed that from 1 July 2012, a new
$5,000.00 grant will be provided to buyers of new homes, whether off the plan
or newly built, with a value of up to $650,000.00. The grant is targeted at all
non-first home buyers and available to investors as well as owner occupies.