First Home Owner Grants - Who Are They For?

For first home owners, purchasing a permanent residence, or land to build a permanent residence, a grant of $7000 is available. First Home Owner Grants - Who Are They For?

Certain criteria must be met, but for those who are eligible, First Home Owner Grants can certainly help alleviate some of the financial strain, when buying your first home. First Home Owner Grants were introduced, as a way to counteract the impact of the new Goods & Service Tax. Both the First Home Owner Grants, and the new tax came into effect on the same day, July 1st 2000. These Grants are funded and controlled by the Australian Central Territories Revenue Office [ACT]. However, First Home Owner Grants are administered in accordance with each individual states legislation.. The $7000 basic grant is the same in every state, it’s the criteria which may differ, although certain requirements remain equal through all states.

Only individuals who’ve never received First Home Owner Grants may apply. If you, or a partner have received a Grant before, with a previous spouse or partner, you will not be eligible. In the same instance, neither you, or your partner may have owned a property before. That means either as an individual, or in any other capacity as joint owner. To be eligible for First Home Owner Grants, this must be the first time either of you have owned a property in any Australian state. Anyone who will be taking residence in the property must be included in the application.. Specifically, a spouse refers to an individual who is legally married. A partner can mean anyone who is in a domestic relationship with another, irrelevant of gender.. It does not matter if your spouse or partner is actually making an application, their details must be included and will be considered with regards to eligibility.. If you fail to disclose details, any money paid will, and can be revoked at a later date.

If you were not aware of First Home Owner Grants, are a First Home Owner, and have lived in the property for less than six months, you may still be eligible, as long as the property was acquired after July 1st 2000. Most types of legal residence are eligible. Individuals who currently have ownership, or will be owners at a later date, must always be included on applications for First Home Owner Grants. An owner is classed as anyone who currently has, or will have, any interests on the land where the home is built. That means any individual registered on the title, or who has an interest through a terms contract, excluding trustees or beneficiaries with regards to a trust. Only individuals over the age of eighteen, at the time of the property’s completion, or when settlement is made, will ever be eligible. Everyone who receives First Home Owner Grants must take up residence within the first twelve months of receiving the Grant. Or, if it’s a new home, twelve months from the final day construction is completed. Applications can be made through allocated agents, or directly by you to the relevant State’s Revenue Office.

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