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Frequently Asked Questions:
First Home Owner Boost (FHOB)

 

What is the First Home Owner Boost (FHOB) Scheme?
FHOB is a Commonwealth initiative announced on 14 October 2008 to assist persons purchase or build their first home by providing a temporary increase (called ‘the First Home Owner Boost’) to the $7000 First Home Owner Grant provided by the Territory.

It was initially for the period 14 October 2008 to 30 June 2009 but was extended for further six months expiring on 31 December 2009 as part of the Commonwealth’s 2009-10 Budget.

How much is a First Home Owner Boost (FHOB) Scheme benefit?
The amount of the FHOB depends on whether you are purchasing an established home or are purchasing or building a new home. It also depends on when the purchase or building contract was entered into or if you are an owner builder, when construction (laying of foundations) commenced. For details, click here.

What is a new home?
A new home is a home that has not previously been sold or occupied as a place of residence, including occupation by the builder, a tenant or other occupant. Substantially renovated homes may be considered as a new home. It must be the first sale of the home, since being substantially renovated, which has not been previously occupied as a place of residence. See the First Home Owner Boost Scheme Lodgement Guide for definition of a substantially renovated home.

When does the First Home Owner Boost (FHOB) Scheme apply from?
FHOB applies to contracts dated between 14 October 2008 and 31 December 2009 (inclusive). For owner builders construction must have commenced between those dates.

When must I commence and complete construction of my new home?
If you enter into building contract with a builder, construction must commence within 26 weeks after the date the contract was made and it must specify that construction will be completed within 18 months of it commencing. If a completion date is not stated in the contract, you’re still eligible for FHOB if construction is completed within 18 months of commencing.

If you are an owner builder, construction must commence between 14 October 2008 and 31 December 2009 and must be completed within 18 months of commencement.

What happens if I cannot commence or complete construction within the required periods?
Where special circumstances exist, the Commissioner may extend the period for commencing and/or completing construction. A written application detailing the circumstances for the delay and advising when construction is expected to commence or be completed should be made to TRO prior to the expiration of the relevant period.

What happens if I cannot complete an off-the-plan the purchase of a home within the required periods?
Where special circumstances exist, the Commissioner may extend the period for completing the purchase. A written application detailing the circumstances for the delay and advising when the purchase is expected to be completed should be made to TRO prior to the expiration of the relevant period.

If my contract is dated before 14 October 2008, do I qualify for the First Home Owner Boost Scheme?
No. To be eligible for the First Home Owner Boost Scheme, contracts must have been exchanged (signed and dated) between 14 October 2008 and 31 December 2009.

Can I replace my contract entered into prior to 14 October 2008 with a new contract dated on or after 14 October 2008 to purchase or build the same home?
The First Home Owner Boost Scheme will not apply to a contract which replaces a contract made before 14 October 2008 to purchase the same home or to build the same or a substantially similar home.

Who is eligible for the First Home Owner Boost (FHOB) Scheme?
To be eligible for FHOB, first home buyers must satisfy the requirements for the existing $7000 First Home Owner Grant and the additional FHOB eligibility requirements detailed in the First Home Owner Boost Lodgement Guide.

How do I apply for the First Home Owner Boost (FHOB) Scheme?
To apply for the FHOB for an established home, you need only complete the First Home Owner Grant application form. To apply for the FHOB for a new home, you need to complete the First Home Owner Grant application form and the Addendum to the First Home Owner Grant Application.

When is the First Home Owner Boost (FHOB) benefit paid?
The date the grant is paid depends on whether you are buying or building a home, and if you are applying through an approved agent or Territory Revenue Office (TRO). The following table details the earliest dates that the grant will be paid for the various transaction types.

Where the application is lodged with TRO, payment will be made by electronic funds transfer to your nominated bank account, generally within five (5) business days of lodging the application, providing all supporting information is provided.

	Applying through
Type of transaction	Approved agent	TRO
Purchasing a home	At settlement	When your name is registered on the title
Purchasing a home (terms contract)	Not applicable	When you are in possession of the property and instalments (excluding the deposit) of at least the amount of the FHOG and FHOB have been paid
Contract to build a home	When the foundations have been laid and progress payments (excluding the deposit) of at least the amount of the FHOG and FHOB have been paid	When the foundations have been laid and progress payments (excluding the deposit) of at least the amount of the FHOG and FHOB have been paid
Owner builders	When construction has been completed	When construction has been completed

Does a substantially renovated home qualify as a new home?
Yes, provided the home has not, since being substantially renovated, been occupied or sold as a place of residence. See the First Home Owner Boost Scheme Lodgement Guide for definition of a substantially renovated home.

Does the price of the home need to be under a limit for the first home buyers to receive the First Home Owner Boost (FHOB) Scheme benefit?
No, there is no limit on the price of the home. However the amount of the benefit payable can not exceed the consideration paid to buy or build the home.

Is the First Home Owner Boost (FHOB) Scheme means tested?
No, FHOB is not means tested.