What is the First Home Bonus?
How much is the First Home Bonus?
How do I claim the First Home Bonus?
Where can I find out more information?
Pensioner exemption or concession from duty and the First Home Bonus
First Home Owner with Family exemption or concession from duty and the First Home Bonus
Principal place of residence concession and the First Home Bonus
What is the First Home Bonus?
First home buyers who qualify for the First Home Owner Grant (the grant) may also be eligible for an additional payment known as the First Home Bonus (the bonus). To be eligible to receive the bonus, the value of the property must not exceed $500,000.
How much is the First Home Bonus?
Contract date |
First Home Bonus Amount |
Conditions |
From 1 January 2007 to 30 June 2009 |
$5000 |
New homes only |
$3000 |
Established homes only |
From 1 January 2006 to 31 December 2006 |
$3000 |
Established homes or new homes |
For contracts entered into on or after 6 May 2008, an additional bonus of $3000 is available in addition to the $5000 bonus for the purchase or construction of a new home in a regional municipality of Victoria.
A new home is a home:
- built under a home building contract;
- built by an owner builder;
- purchased off the plan, or
- sold for the first time as a residential premises.
Applicants for the bonus must meet the same eligibility criteria as those for the grant.
How do I claim the First Home Bonus?
We will automatically consider your eligibility for the bonus when you make an application for the grant.
If you are eligible for the bonus it will be paid at the same time as the grant.
Where can I find out more information?
Pensioner exemption or concession from duty and the First Home Bonus
If you entered into a contract on or after 6 May 2008 and you are entitled to both the duty concession for a principal place of residence and the bonus, you will receive both. You no longer have to choose one over the other.
However, if your contract date was in the period from 1 January 2007 to 5 May 2008 (inclusive), you must choose between the bonus and duty concession for a principal place of residence. You cannot receive both. Under these circumstances, the bonus is worth more than the maximum duty saving (which is $2850). Therefore, the bonus would be a more advantageous choice.
First Home Owner with Family exemption or concession from duty and the First Home Bonus
If you entered into a contract on or after 1 January 2006 and before 1 July 2009, you may be eligible for the first home owner with family exemption or concession and the bonus. Under these circumstances, you have the choice of receiving one or the other, but not both. Depending on the value of your home, the first home owner with family exemption or concession may be worth more than the bonus.
To help you make the choice, find out which option is worth more to you.
Principal place of residence concession and the First Home Bonus
If you entered into a contract on or after 6 May 2008 and you are entitled to both the duty concession for a principal place of residence and the bonus, you will receive both. You no longer have to choose one over the other.
However, if your contract date was in the period from 1 January 2007 to 5 May 2008 (inclusive), you must choose between the bonus and duty concession for a principal place of residence. You cannot receive both. Under these circumstances, the bonus is worth more than the maximum duty saving (which is $2850). Therefore, the bonus would be a more advantageous choice.
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