How Can a First Home Owners Grant Help You?The first home owners grant is a one off grant payable to any Australian citizen who is applying to buy their first house. It was first introduced to Australia on 1 July 2000.
Due to a government boost, the first home owners grant can be up to $21,000 if you are building your own home, a and less for those buying an established home. You cannot use the grant to buy land or for renovations to existing properties. The grant can be used for many things including:
- Using towards a deposit for a home. This results in lower mortgage repayments, so you may find you are able to afford a bigger house within your price range.
- Putting it towards the costs of a new home. Building a home does not come cheap, therefore the grant, which is currently higher for new homes, can prove invaluable as you work towards building your dream home.
- The grant can go towards stamp duty costs. These fees can be thousands of dollars, depending on the value of your property, so the grant could ease the shock of that bill.
- Legal fees... there is no way around them I am afraid, but the grant could be used to pay off these bills incurred when purchasing your property.
- Building inspections are essential, but they can get expensive, so consider using the grant to fund the property inspections, pest inspections and valuations.
In order to receive the grant, at least one of the applicants buying the new house must be an Australian citizen or a permanent resident within Australia and none of the applicants can have owned their own residential property in the past.
This list highlights some if the ways that the first home owners grant could help you afford your new home.
Your mortgage broker has all the information you need to claim your grants. To find your nearest mortgage broker call  or submit your details on line.
From October 1st 2009 the First Home Owners Grant is reduced to $10,500 for those buying an existing home, and $14,000 for those building or buying a new home. Then from December 31 it will be cut back to the original $7,000 for both categories.
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