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Jun 17

Do You Qualify For The First Home Owner Grant

The Basics
The Australian Federal Governments First Home Owner Grant Scheme offers eligible first home buyers a one-off payment of up to $21,000 – that’s a great start when you’re saving to buy your first home!

On 16/10/2008, the Australian federal government has announced a First Home Owner Boost, to supplement the State funded First Home Owner Grant Scheme:

1.First home buyers who purchase established homes will be eligible to receive a boost of $7,000 that will double the grant to $14,000.
2.First home buyers who build a new home or purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000.
3.The increased Grants are available for contracts entered into between 14 October 2008 and 30 June 2009.
4.The Grant is not a loan and does not need to be repaid. What’s more, there is no limit on the maximum price of the home you build or purchase. Whilst eligibility is not restricted by income or asset assessment tests, you must meet certain criteria in order to qualify.

Eligibility Criteria
The First Home Owner Grant is available to people buying or building their first home and who meet the following eligibility criteria:

1.Each applicant is a natural person and not a company or trust.
2.At least one applicant is a permanent resident or Australian citizen.
3.Each applicant must be at least 18 years of age.
4.All applicants and/or their spouse/de facto have not previously owned a residential property in Australia, jointly, separately or with some other person.
5.This is the first time an applicant and/or their spouse/de facto will receive the First Home Owner Grant.
6.At least one applicant will occupy the home as their principal place of residence for a continuous period of at least six months, commencing within 12 months of settlement or construction of the home.

How to Apply
Your home loan lender can help you apply for the First Home Owners Grant, or you can apply direct to the relevant department in your State or Territory.

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