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May 2009 Budget News

With the Victorian Government making announcements last week and the Federal Budget decided yesterday, we are now in a position to provide information that has only been speculative over the last few weeks.

The Federal Government has extended the deadline of the increased first home owner grants to help boost the property market and stimulate the economy in a move that is welcomed by the industry.
But the Federal grants, which currently stand at $7,000 for established homes and $14,000 for new homes, will only be extended at the current level for three months.

The Federal grants will remain the same between 1 July and 30 September, but between 1 October and 31 December 2009 eligible first home buyers will receive just $10,500 for established homes and $14,000 for newly constructed homes.

The Victorian Government is still honouring the $7,000 indefinitely, and despite increasing the Victorian Government Bonus (VGB) for new homes, those buying established property will have their VGB reduced from $3,000 to $2,000 from the 1^st July 2009. The following table outlines all entitlements available to First Home Buyers until 30^th June 2010.

For future reference, we have added this information to our website at www.homeloansoz.com.au Feel free to pass on the information to family and friends.

Date of purchase	Property type	Victorian Grant (FHOG)	Federal Govt Boost	Vic Govt Bonus	Regional Bonus	Total
14 Oct 2008 - 30 Jun 2009	Established	$7,000	$7,000	$3,000	$0	$17,000
14 Oct 2008 - 30 Jun 2009	New (Metro)	$7,000	$14,000	$5,000	$0	$26,000
14 Oct 2008 - 30 Jun 2009	New (Regional)	$7,000	$14,000	$5,000	$3,000	$29,000
1 Jul 2009 - 30 Sept 2009	Established	$7,000	$7,000	$2,000	$0	$16,000
1 Jul 2009 - 30 Sept 2009	New (Metro)	$7,000	$14,000	$11,000	$0	$32,000
1 Jul 2009 - 30 Sept 2009	New (Regional)	$7,000	$14,000	$11,000	$4,500	$36,500
1 Oct 2009 - 31 Dec 2009	Established	$7,000	$3,500	$2,000	$0	$12,500
1 Oct 2009 - 31 Dec 2009	New (Metro)	$7,000	$7,000	$11,000	$0	$25,000
1 Oct 2009 - 31 Dec 2009	New (Regional)	$7,000	$7,000	$11,000	$4,500	$29,500
1 Jan 2010 - 30 Jun 2010	Established	$7,000	$0	$2,000	$0	$9,000
1 Jan 2010 - 30 Jun 2010	New (Metro)	$7,000	$0	$11,000	$0	$18,000
1 Jan 2010 - 30 Jun 2010	New (Regional)	$7,000	$0	$11,000	$4,500	$22,500

NB: You don't receive the State Govt bonus for properties purchased for more than $500k.


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