First Time Home Buyer Loan
Looking for a First Home Buyer Loan? The First Home Buyer's Grant can help you get there...
The First Home Owner Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.
Under the scheme, first home buyers who satisfy all the eligibility criteria are entitled to claim a one-off rebate of $7000.
FHO Boost
On October 14 2008, the Rudd government announced a special bonus to the first home buyer's grant for first home buyers that would be rewarded on top of the original grant.
This is in addition to any state based bonus schemes and stamp duty exemptions that exist for first home buyers.
Nonetheless, this fantastic opportunity has been extended!
Eligible first home buyers who sign a contract to purchase an existing home between 1 October 2009 and 31 December 2009 (inclusive) will receive an extra $3500, taking the total lump sum payment (including the First Home Owner Grant) to $10,500.
Eligible first home buyers who sign a contract to purchase or construct a new home between 1 October 2009 and 31 December 2009 (inclusive) will receive an extra $7,000, taking the total lump sum payment (including the First Home Owner Grant) to $14,000.
But remember, it’s only available to first home buyers who enter into a contract between 1 October and 31 December 2009. And like most people, you will probably need a first time home buyer loan; let Resi
Home Loans guide you through the process.
Who qualifies for the grant?
Criteria for qualifying applicants and properties vary in each State and Territory. General eligibility criteria include:
- You must be a minimum of 18 years of age and an Australian citizen or permanent resident
- Application must be made within 12 months of completion of construction or settlement of the home.
- You must be buying or building your first property as a person, not as a company or trust.
- You or your spouse/co-purchaser must not have previously owned an interest in land in Australia that had a residence on it prior to July 1, 2000.
- You or your spouse/co-purchaser must not have owned and occupied a home after July 1, 2000.
- If you have purchased investment property/s after 1 July 2000 as long as you have never owned property before 1 July 2000 and have never lived in the investment property/s, you may still be eligible.
- Neither you or your spouse/co-purchaser must have claimed this grant previously.
- Commencement of building, in the case of owner-builders, must have occurred on or after July 1, 2000.
- An eligible home must be located in Australia and be a new or established house, home unit, flat or other type of self-contained fixed dwelling that lawfully can be used as a place of residence.
An eligible home must be occupied by you as your principal place of residence within 12 months of construction or purchase of the home. There are minimum periods of occupancy required by each state or territory.
- Joint applicants are restricted to a single application for a single property and only one payment of $7000 is made.
- The Boost is not means tested and can be used to buy a property of any value.
How to apply
Your lender can forward on documentation to apply on your behalf.
More Information
Some states offer either an additional grant, or waive or offer concessions on transfer duty and mortgage duty. For information on how states vary, and what your state offers, see:
Help
For all your first time home buyer loan questions, get a Resi home loan specialist to call you. Click here now
Whether you are a first home buyer, want to refinance your home loan, buying your next home or perhaps seeking a home equity loan, Resi has the best range of home loans for you, and especially for a first time home buyer loan.
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