All about the Home Loan process.

The First Home Owner Grant is a scheme that is tweaked periodically by the Government. The original First Home Owner Grant entitled the applcant to $7000 from the Government. This will no longer apply in cases where the contract has been transacted on after 1 October 2012. The $15,000 First Home Owner Grant (New Homes) scheme takes over in cases of new homes bought after 1 October 2012.

First home owners are not limited by their location or income however the value of the home cannot exceed these limits:

The First Home Owner Grant (New Homes) only applies in case of new homes. What is a ‘new home’?

• A new home is one that has never been previously occupied by anybody including the builder.
• It should not have been sold as a residence ever and if being purchased, it must be the first sale of that dwelling.
• It could be a home that has had very extensive renovation or one built to replace a demolished home.

Eligibility

Are you eligible for the $15,000 grant? Check the eligibility criteria below.

• To be eligible for the $15,000 grant your contract must be dated 1 October 2012 or after
• The home should be brand new
• You must be over 18 years of age
• You or your spouse should not have been owning or co-owning residential property in Australia before July 2000
• You may be eligible if you or your spouse owned property in Australia after July 2000 but have not resided in the property continuously for 6 months.
• The value of the property must not exceed the capital limit as shown in the above table
• You have not received a First Home Owner Grant in any other State or Territory unless it has been repaid
• You will live in the home for at least 6 months continuously
• At least one of the applicants needs to be an actual person not a company or trust
• At least one of the applicants must be an Australian citizen or a Permanent Resident

How to Apply

We can help you apply for the First Home Owners Grant if we are your brokers or you can apply through whichever financial institution you deal with. You can also apply directly through the Office of State Revenue by submitting a filled in First Home Owner Grant Application form. To apply through the Office of State Revenue please remember that the house must be completely finished and your name must be on the title. Submit your application within 12 months of completion or purchase of your new home.