First Home Buyers Grant
The First Home Owner Grant (New Homes) scheme (the Scheme) was established to assist eligible first home owners to purchase a new home or build their home by offering a $15,000 grant.
The Scheme applies to new homes only and will reduce to $10,000 on 1 January 2016.
What is a new home?
A new home is:
- a home that has not been previously occupied, including occupation by the builder, a tenant or other occupant.
- a home that has not been previously sold as a residence. Where the home is being purchased, it must be the first sale of that home
- a home that has been substantially renovated and a home built to replace demolished premises.
Am I eligible?
To be eligible for the $15,000 grant:
- the contract date must be on or after 1 October 2012
- the home is a brand new home
- you are over 18
- you or your spouse (including de facto spouse) have never held a relevant interest in any residential property in Australia prior to 1 July 2000.However, you may be eligible if you or your spouse, including de facto spouse, have only had a relevant interest in any residential property in Australia on or after 1 July 2000 and you have not resided in that property for a continuous period of at least 6 months.
- the value of the property must not exceed the First Home Owner Grant Cap of $650,000 for contracts dated between 1 October 2012 to 30 June 2014
- the value of the property must not exceed the First Home Owner Grant Cap of $750,000 for contracts dated on or after 1 July 2014
- you have not received a first home owners grant in any State or Territory, unless subsequenly repaid
- you need to live in the home for a continuous period of at least 6 months
- at least one applicant is a permanent resident or Australian citizen
- each applicant must be a natural person and not a company or trust.
If you cannot meet all of the eligibility requirements, you are not eligible to receive the grant. If you receive the grant and fail to meet the eligibility requirements (for example,not living in the home for a continuous period of at least 6 months), you need to payback the grant. Failure to do so can result in prosecution and penalties up to $11,000.
If you are part of the Australian Defence Force and all applicants are on the New South Wales electoral roll, you may be eligible for an exemption from the 6 month residence requirement.
Our team at First Choice Mortgage brokers will assist you with the application. Usually the first home owners grant application is submitted whilst the loan is proceeding so that the funds are available for settlement of your home loan.
In some cases the grant can be submitted post settlement and the funds deposited into your bank account. We will assist you with the application and submit the forms on your behalf; this is part of our ongoing commitment to you.
For more information on the First Home Buyers Grant Contact First Choice Mortgage Brokers on 1800 111 455 and speak with one of our mortgage specialists
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"G'day Tony, Good to talk to you yesterday and thanks for your help with the new House. Tarryn, Lyndal and yourself have been a pleasure to deal with. Can you please fire through the breakdown of weekly cost for each of the four areas you outline below and which institution they would be with. ..."− From: Neil Masters
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