First Home Owners Grant

As of the 1st July, 2000 first home buyers may qualify to receive a one off $7,000.00 grant from the Federal Government. Maybe you, your children or someone you know can take advantage of the grant!

There appears to be a lot of confusion and misinformation about who is eligible for the grant. For example, I had a client who was informed by her Bank Manager that she was not eligible for the grant because she was not buying a “new” home. Wrong!

Lets have a look at some of the requirements for eligibility.

  • For a person to be eligible for the grant they must:-
  • Be buying or building their first home.
  • Enter into a Contract to buy an existing home or build a new home on or after 1 July, 2000.
  • Be an Australian Citizen or permanent resident.
  • Intend to reside in the home as their principle place of residence.
  • Start living in the home within a reasonable time.

Other points to know are:-

  • The payment is not means tested.
  • Trusts and Company’s are not eligible for the grant.
  • The payment will be made regardless of where the person buys or the value of the home they are buying/building.
  • It applies to both new and established homes.
  • It does not apply to holiday houses or investment properties.

There are some catches to eligibility so it is vitally important you speak with a person who knows what they are talking about.

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