First Time Home Buyer Loan
Discover more about the First Home Buyer's Grant...
On October 14 2008, the Rudd government announced a special bonus to the first home buyer's grant for first home buyers who enter into contracts before 30 June 2009.
Under this scheme, first time home buyers will be entitled to an additional $7000 for an existing house ie a total of $14,000.
For first time home buyers buying a newly constructed home, they will receive an extra $14,000 i.e. a total of $21,000 as part of the grant.
This is in addition to any state based bonus schemes and stamp duty exemptions that exist for first home buyers.
But remember, it’s only available to first home buyers who enter into a contract before 30 June 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 includes:
- Your 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.
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
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Whether you are a first home buyer, want to refinance your home loan, buying your next home or perhaps seeking a home equity loan for your once in a lifetime world holiday, Resi has the best range of home loans for you, and especially for a first time home buyer loan.
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