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First Home Owner
First Home Owner Grant Scheme
The First Home Owner Grant Scheme has been established by the Federal Government to assist in offsetting the effect of the Goods and Services Tax (GST) on the purchase or construction of a home by a first home buyer.
First home buyers can apply for the grant through their State or Territory Revenue Office or through a participating financial institution. Some financial institutions will allow us to process your application for you and eligible applicants will be entitled to a maximum $21,000 grant at settlement or on completion of their home, payable into a nominated account.
The home must be a fixed dwelling that meets the local planning standards. The grant will not be available for renovations or for the purchase of vacant land.
Payment of the grant is not means tested and there is no upper limit on the value of the property being purchased. However, to receive the grant, each applicant must comply with the eligibility criteria detailed below.
Eligibility
You will generally be eligible for the grant if you satisfy the following criteria:
- Neither You nor your spouse /de facto can have received the grant previously.
- Neither You nor your spouse /de facto can have owned a residential property, either jointly, or with any other person anywhere in Australia BEFORE 1 July 2000.
- Neither You nor your spouse /de facto can have owned AND OCCUPIED a residential property, either jointly, or with any other person anywhere in Australia AFTER 1 July 2000.
- Each applicant must be a natural person - i.e not a company or trust.
- At least one of the applicants must be a permanent resident or citizen of Australia.
- At least one of the applicants must occupy the established home as their principal place of residence within 12 months of either settlement or completion of construction.
If you satisfy the criteria and also wish to apply for a home loan then contact us on 1800 880 688 and we will assist you in processing your grant application.
More details on the First Home Owner Grant Scheme: www.firsthome.gov.au or Telephone 13 21 61
State & Territory Benefits Schemes
NSW - First Home Plus Scheme provides exemptions or concessions on transfer duty and mortgage duty for eligible first home buyers. This includes vacant land on which you intend to build your first home
.... more.
QLD -
Generally, where the consideration paid for a first home is less than the market value of the property, the first home concession is not available. However, for transactions dated on or after 1 May 2004, this limitation will be waived for transactions where the market value of the residential land is $250,000.00 or less and all other conditions for the concession are satisfied ... more.
VIC - First Home Bonus
eligible first home buyers who qualify for the Victorian Government $7000 First Home Owner Grant may be eligible for an additional First Home Bonus payment. A $5000 bonus payment applies to contracts entered into between 1 May 2004 and 31 December 2005 and a $3000 bonus payment applies to contracts entered into between 1 January 2006 and 30 June 2007
... more.
SA - Stamp Duty First Home Concession ... more.
WA - First Home Owner Rate of Stamp Duty
is available to first home owners who receive land or a home as a gift in certain circumstances
... more.
TAS -
Duty Concession for First Home Buyers .. purchasers eligible for the First Home Owner Grant will benefit from the introduction of a concessional rate on duty payable on property conveyances. The concessional rate of up to $4 000 will apply to contracts entered into for property purchases to the value of $350 000 ... more.
ACT -
Home Buyer Concession Scheme ... more.
NT - First Home Owner Concession scheme provides Territorians purchasing a home, or land to construct a new home, on or after 20 June 2005, that is their first home in Australia, a concession of up to $8 015.60 off the duty payable. This represents the duty on the first $225 000 of the purchase price of the property ... more.
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