First Home Owner Grant

The First Home Owner Grant is a national scheme to encourage and assist home ownership and to offset the effect of the GST on home ownership. The grant can go a long way towards your home loan deposit and the various costs associated with a property transaction so it’s a welcome government incentive.

For contracts entered into prior to 1 July 2013, a payment of up to $7000 is available for eligible first home buyers. For contracts entered into on or after 1 July 2013 to build or purchase a new home, a payment of up to $10,000 is available for eligible first home buyers.

First Home Owner Grant Eligibility

Of course, there is some government eligibility in place. Some of the areas that will be assessed are not having owned your own home before and being an Australian citizen or permanent resident.  Also you should have the intention to occupy the property as your principal place of residence within 12 months of settlement and living in it for a continuous period of no less than 6 months.

The First Home Owner Grant is not means-tested but there may be a limit on the purchase price of your property. For example, in Victoria, the property purchase price cap is $750,000.

It should also be noted that there is not just a grant as there are also other state-based incentives available to first home buyers designed to make your first purchase that bit more affordable – these include stamp duty concessions and building grants. Our mortgage broker will be able to provide you with information, as well as help you arrange your all-important government assistance.