First Home Owner Grants - Eligibility & Obligations

First Home Owner Grants were introduced by the Australian Central Territories government revenue offices on July 1st, 2000. They have been in force since that time and there are no immediate plans to end the scheme. First Home Owner Grants - Eligibility & Obligation

First Home Owner Grants are determined and administered by each state, individually. It’s important to check your eligibility, and that of your property, relative to the requirements of the state the actual property is situated. When making applications for First Home Owner Grants it’s important to ensure two things, first and foremost. Your eligibility and the eligibility of the property or land you’re making the application for. Forms and advice can be found online, applications can be made directly to your State Revenue Office, or through an approved bank or financial institution. Submitting through an approved agent often works out to be the easiest and quickest way for most.

Giving the correct documentation is essential, without it, your application will not be processed. Applications, for First Home Owner Grants, must be made within one year of purchasing your First Home, or constructing it. In some states, land purchased for the placement of a permanent mobile home may also be eligible. If you purchased your first home after July 1st 2000, but it was more than a year before the application, occasionally, depending on circumstances, the one year cut off period will be extended. All applicants for First Home Owner Grants have certain obligations, especially with regards to eligibility. If you fail to give relevant and important information, something which might affect your eligibility, either at the time of application, or later on, penalties can be applied.. You will also, depending on how serious the error was, have to pay back a percentage, maybe even all of the Grant. Of course, if the mistake is reasonable, something which could be easily overlooked or misunderstood, you may not be penalised at all. However, to knowingly give incorrect or misleading information will, almost certainly, result in formal prosecution, penalties, and full repayment being demanded.. ALL states, offering these $7000 First Home Owner Grants, expect applicants to disclose any facts which could affect eligibility. It is the applicants OBLIGATION to do so.

Should the state which issued the grant believe that false or misleading information has been given, they will review any case individually. Only when they believe a serious penalty should apply, will they prosecute. For instance, you may have received one of the First Home Owner Grants already, and now find you will not be able to move into your home within the next year. Or, you may not be able to remain using it as your permanent residence for the required six months. Circumstances do change, however, in either case, you must report changes to the issuing state office, within fourteen days. Depending on the circumstances, it might be, the time period can be extended, or, it might be that the Grant must be repaid. Either in full or a percentage of it. First Home Owner Grants are there to help those who’re eligible, so it’s important to ensure you understand your obligations, fully.

Your mortgage broker has all the information you need to claim your grants. To find your nearest mortgage broker call