The Federal Budget 2009/10 extends in full for three months the boost for the first home owners' grant. After September 2009, those entering the market will be eligible for half the boost until the end of the year.

First-home owners entering contracts between July 1 and September 30 will continue to receive the boost of $7000 if they are buying established homes and $14,000 to buy new homes.

Combined with the First Home Owners Scheme grant, this means first-time buyers will get a total of $14,000 when they buy established homes and $21,000 for new homes.

The boost will halve for those entering into new contracts from October 1 until December 31, with those buying established homes receiving $3500 while those buying new homes will receive $7000.

This means the former will get a total of $10,500 and the latter will receive $14,000 when combined with the $7000 first-home owner's grant.

The highly anticipated move, which will help stimulate housing activity and construction, will cost the Government $539 million over three years.

So far, the first-home owner's boost has helped 59,000 Australians buy their first home.