What is the First Homeowner Grant?
The First Homeowner Grant is a government initiative designed to assist first-time homebuyers in purchasing or building their first new home. Eligible applicants can receive a grant of $10,000 towards the cost of their new home.
How much can I spend?
The grant can be used towards the purchase of a newly built house, townhouse, apartment, unit, or similar property, with a purchase price not exceeding $600,000. Alternatively, if purchasing vacant land and signing a building contract with a builder, the total combined cost must not exceed $750,000. If purchasing a substantially renovated home, the purchase price must also not exceed $600,000.
Who can apply? To be eligible for the grant, applicants must meet certain criteria.
Each applicant must be at least 18 years old and a first home buyer as a person, not as a company or trust.
At least one applicant must be a permanent resident or Australian citizen,
Neither the applicant nor their spouse, partner, or co-purchaser can have previously owned a home before 1 July 2000.
The first home must also be occupied as the principal place of residence within 12 months of construction or purchase, with a minimum period of occupancy of six continuous months.
To apply for the grant, applicants must provide supporting documentation, including proof of identity and ownership of the property, as well as evidence that the property meets the eligibility criteria. Applicants can apply through an approved agent or directly through the FHOG customer portal.
It is important to note that applicants will not be eligible for the First Homeowner Grant if they have previously received a grant in Australia or owned a home or residential property in Australia before 1 July 2000. However, exemptions may apply in certain circumstances, such as for members of the Australian Defence Force.
In conclusion, the First Homeowner Grant is a valuable initiative that can provide much-needed financial assistance to first-time homebuyers in Australia. By meeting the eligibility criteria and providing the necessary documentation, applicants can take advantage of this grant to help them achieve their dream of owning their first new home.North Sydney Mortgage Broker Speed Lending offers expert guidance and support. Visit their landing page at Buying Home or Click here to calculate your borrowing capacity by yourself.