First Home Owners Grant Australia

first home owner grant Australia

First Home Owners Grant Australia - The Australian Federal Governments First Home Owner Grant Scheme offers eligible first home buyers an one off payment of at least $21,000 - that’s a great start when you’re saving to purchase your first home!

On 16/10/2008, the Australian central government has voiced a First Home Owner Boost, to beef up the state backed First Home Owners Grant Australia Scheme:

1. First home buyers who purchase established houses will be able to get a boost of $7,000 that may double the grant to $14,000.

2. First home purchasers who build a new home or buy a newly assembled home will receive an additional $14,000 to take their grant to $21,000.

3. The increased Grants are available for contracts entered into between fourteen October 2008 and 30 June 2009.

4. The Grant is not a loan and does not have to be repaid. What’s more, there’s no limit on the maximum cost of the home you build or purchase. Whilst suitability isn’t proscribed by earnings or asset assessment tests, you need to meet certain standards to qualify.

Eligibility Criteria

The First Home Owners Grant Australia is available to folks purchasing or building their first home and who meet the following eligibility criteria:

1. Each applicant is a natural person and not a company or trust.

2. One candidate is a permanent resident or Australian citizen.

3. Each applicant must be at least 18 years of age.

4. All candidates and/or their spouse/de facto have not previously owned a home property in Australia, jointly, separately or with some other person.

5. This is the first time a candidate and/or their spouse/de facto will receive the First Home Owners Grant Australia.

6. One candidate will occupy the home as their principal place of residence for a steady period of at least months, commencing 12 months of settlement or development of the home.

How to Apply

Your mortgage bank will help you apply for the 1st Home Owners Grant, or you can apply direct to the important dept in your State or Territory.