Criteria for obtaining the First Home Owners Grant
In a bid to boost homeownership among first home buyers in Australia, the government has allocated funds to supply grants to eligible property seekers.
To unlock the financial incentives, there is a set of criteria which must be met, and this varies state-to-state. Here's an outline of what may be required to meet the eligibility criteria:
Victorian First Home Owner Grant
In Victoria, eligible first home buyers could receive $10,000 through the First Home Owner Grant.
The rules:
1. The property must be less than $750,000 and it cannot be an investment property or holiday home.
2. You or your partner must be using the grant for the first time
3. You can't have already owned a property before
4. You need to be over 18 years of age
5. You must also be an Australian citizen or permanent resident
6. Penalties and interest will apply if you receive the First Home Owners Grant and are not entitled to it
You can find more detailed information on the Revenue VIC website.
New South Wales First Home Owner Grant
First home buyers who are buying a property in New South Wales may be eligible for the First Home Buyers Assistance Scheme and the First Home Owner Grant for new homes ($10,000).
The First Home Buyers Assistance Scheme is a full or partial exemption of stamp duty.
The rules:
1. The value of the home must be no more than $1,000,000
2. You, or at least one person you're buying with must be an Australian citizen or permanent resident
3. You must be at least 18 years old
4. The funds are for buying an existing home, a new home or vacant land to build a new home on
5. You must not have already owned a property or received funds through the scheme previously
The First Home Owner Grant is for brand new properties, which includes all Mirvac off-the-plan homes. With this grant, you could receive $10,000 towards the purchase price in addition to the First Home Buyers Assistance Scheme.
The rules:
1. The home must be brand new and be worth no more than $750,000
2. You must be at least 18 years old
3. You also need to be an Australian citizen or permanent resident of Australia
4. You must be buying or building your first home that no one has lived in before
You can find more detailed information on the Revenue NSW website.
Queensland First Home Owner Grant
Eligible first home buyers looking to buy in Queensland are also able to receive a grant of $15,000 towards a new home.
The rules:
1. For new home contracts, first home buyers in Queensland may be eligible for a grant of $15,000 towards buying or building a new house, unit or townhome valued at up to $750,000.
2. Applicants for this grant must be over 18
3. You must also be an Australian citizen or permanent resident
4. The home must be brand new.
5. You'll also need to purchase with the intent of living in the property as your primary place of residence for six months after settlement.
You can find more detailed information on the Revenue QLD website.
Western Australia First Home Owner Grant
In Western Australia, eligible first home buyers could receive $10,000 for a new home.
The rules:
1. The property must be your permanent place of residence for at least six months, within 12 months of settlement
2. It must be your first property
3. It must be your first time receiving the grant
4. The applicant must be an Australian citizen or permanent resident
You can find more detailed information on the Revenue WA website.
South Australia First Home Owner Grant
First home buyers in South Australia may be eligible for up to $15,000 towards the purchase or construction of a new home.
The rules:
1. The market value of the property must be $575,000 or less
2. Applicants must be 18 years of age or older
3. At least one applicant must be an Australian citizen or permanent resident
4. The grant is for a brand new home which has not be lived in previously
5. You can't have owned a home previously
6. Each applicant must reside in the home as their principal place or residence for a continuous period of 6 months
You can find more detailed information on the Revenue SA website: https://www.revenuesa.sa.gov.au/taxpayer-stories/first-home-buyer
Northern Territory First Home Owner Grant
First home buyers in Australia's Northern Territory may be eligible for a $10,000 grant towards their first property purchase.
The rules:
1. The property must be new and not previously lived in
2. Must be 18 years or older
3. At least one applicant must be an Australian citizen or permanent resident
4. Applicants must not have received the grant previously or owned property prior to applying for the grant
You can find more detailed information on the Revenue NT website.
MIRVAC | FIRST HOME BUYER HUB
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Important note: The information in this article is general information only and has been prepared without taking into account your personal circumstances. While every care has been taken to ensure the accuracy of the information, Urban cannot be held liable for any inaccuracies, errors or omission.
The information in this article does not constitute legal, tax or financial advice and you should always seek professional advice before purchasing property in relation to your individual circumstances.