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First Home Owners Grant
First Home Owner Grant/Scheme
The First Home Owner Grant has been established by the Federal Government to assist in offsetting the effect of the Goods & Services Tax (GST) on the purchase or construction of a home by a first home buyer. In July 2000 the government introduced the First Home Owner Grant of $7,000 for a first home purchase. The scheme is administered by the states and territories on behalf of the Federal Government. 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.
Until 30th September 2009 the government has increased the First Home Owners Grant to $14,000 for the purchase of an established home and $21,000 for the purchase of a newly constructed home.
What type of home qualifies for the grant?
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 (some states have special provisions for this).Am I eligible for the First Home Owners Grant?
You will generally be eligible for the grant if you satisfy the following criteria:- Neither you nor your spouse/de facto must not have received the grant previously.
- Neither you or your spouse/de facto must never have owned a residential property, either jointly, or with any other person anywhere in Australia before 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 will now have to reside in the property as their principal place of residence for a continuous period of at least six months (commencing within 12 months after settlement/completion of construction).
First Home Owner Grant Age Criteria
Effective 1 January 2004| State | Criteria |
|---|---|
| VIC | Applicants must be at least 18 at the time of either settlement or completion of construction; |
| NSW | Applicants must be at least 18 at the time of making application for the grant |
| SA | Applicants must be at least 18 at the time of making application for the grant |
| NT | Applicants must be at least 18 at the time of making application for the grant |
| ACT | Applicants must be at least 18 at the time of making application for the grant |
| TAS | Applicants must be at least 18 at the time of making application for the grant |
| WA | Applicants must be at least 18 at the time of making application for the grant |
| QLD | Applicants must be at least 18 when they entered into the contract to which the grant application relates, or when the foundations of the home are laid. |
When will I receive the grant?
If you apply through us, Capital Funding Group, and you are purchasing an existing home you will receive your grant on settlement of your loan. Where you have a contract to build a home you will receive your grant, in most cases on the first progress payment. If you are an owner-builder you will receive your grant upon issuance of the Certificate of Occupancy or building inspection.How do I apply for the grant?
We will prepare and submit your application.For more information about the First Home Owner Grant
This information on the First Home Owners Grant has been prepared by Capital Funding Group.
This is only a general guide - not a substitute for professional advice. Capital Funding Group does not guarantee the accuracy, reliability, or completeness of any information on these pages, and will not be liable for any loss or damage suffered as a result of anyone relying on this information. We recommend you obtain advice from your own legal advisor.
