First Home Owner Grant
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First Home Owner Grant Changes
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In October 2008 the Federal Government issued a First Home Owner Grant boost, to supplement the State funded First Home Owner Grant Scheme:
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- First home buyers who purchase established homes are eligible to receive a boost of $7,000 that doubles the grant to $14,000
- First home buyers who build a new home or purchase a newly constructed home receive an extra $14,000 to take their grant to $21,000.
- The increase to the First Home Owner Grant is available for contracts entered into before 30 September 2009.
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Hot Tip!
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The First Home Owner Boost deadline of 30 September means that contracts must be exchanged by this date. It does not mean you need to settle by this date…so you still have time to find your dream home and benefit from the increased grant.
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This grant is a joint federal and state scheme to help buyers with the cost of buying or building their first home in Australia. The exact eligibility requirements vary in different states but the broad principles of the grant include:
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|  | - Eligible applicants are entitled to a one-off payment of up to $21,000. For details, see First Home Owner Grant Changes above.
- Applicants must be Australian citizens or permanent residents.
| - To qualify, neither the applicant nor their spouse (or de facto) must have owned a home previously, either jointly, separately or with another person.
| - Neither the applicant nor their spouse (or de facto) must have claimed the first home owner grant previously.
| - An eligible home must be occupied by the applicant(s) as their principal place of residence within 12 months of settlement or completion of construction.
| - Application for the grant must be made within 12 months of completion of construction or settlement of the home.
| - There is no tax payable on the grant.
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For details, see www.firsthome.gov.au
Or read our article: Do You Qualify For The First Home Owner Grant?
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Concessions in your state
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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:
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