Share |

hand-holding-key.jpg

First Home Buyers Grant

When you are buying your first home, every dollar counts. It is important to use all the resources available to help you achieve your dream.

You may be eligible to receive the First Home Owner's Grant which will assist you financially in buying or building your first home.

Who qualifies for the First Home Owner's Grant?

Each state has variations on the grant regulations, so be sure to check the Australian Federal Government website.

Here’s a quick overview of First-home buyers grants in Australia by State and Territory between the dates 1 July 2014 – 30 June 2014, unless otherwise specified.

NSW - First Home Buyer Grants 2014-15

Eligible first-home buyers can receive a payment of up to $15,000 First Home Owner Grant for new homes up to $750,000. All applicants for the grant must be Australian citizens or residents.

Victoria - First Home Buyer Grants 2014-15

Eligible first-home buyers can receive a payment of up to $10,000 to purchase or build a new home, for contracts entered into on, or after, July 1, 2013.

Queensland - First Home Buyer Grants 2014-15

First-home buyers building or buying a new home can receive $15,000 as part of Queensland’s Great Start Grant, for homes up to the value of $750,000.

Western Australia - First Home Buyer Grants 2014-15

First-home buyers can receive a grant of $10,000 when they buy or build a new home, and $3000 for purchasing an established home. These grants are capped at homes up to the value of $750,000, or if the house is located north of the 26th parallel (around Shark Bay), the cap is $1 million.

South Australia - First Home Buyer Grants 2014-15

The First Home Owner Grant of $5000 is scheduled to end on June 30, 2014 (in a couple of weeks) and be replaced by a $15,000 payment for new homes only, up to the value of $575,000.

Northern Territory - First Home Buyer Grants 2014-15

The Northern Territory’s First Home Owner Grant offers $25,000 to eligible purchasers buying any home in a regional area or a new home in an urban area. First timers can also receive $12,000 if they purchase an established home in an urban area up to the value of $600,000.

ACT - First Home Buyer Grants 2014-15

There is a $12,500 grant for first-home buyers who purchase new, off-the-plan or substantially renovated properties. The value of the eligible properties is capped at $750,000.

Tasmania - First Home Buyer Grants 2014-15

The First Home Owner Grant of $7000 is scheduled to end for established homes on July 1, 2014. The value of the homes that qualify is uncapped. But first-home buyers of new properties can receive the First Home Builder Boost of $23,000 until December 31, 2014.

Key Requirements

  • 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 or owned and occupied a home prior to 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 for the First Home Owner's Grant

Resi can help you with your First Home Owners Grant. Call one of our mortgage specialists today on 136 126 or contact us online.

 

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:

 

ACT www.revenue.act.gov.au
NSW www.osr.nsw.gov.au
VIC www.sro.vic.gov.au
SA www.revenuesa.sa.gov.au
TAS www.treasury.tas.gov.au
NT www.nt.gov.au/ntt/revenue
WA www.dtf.wa.gov.au
QLD www.osr.qld.gov.au