First Home Owners Grant

As of the 1st July, 2000 first home buyers may qualify to receive a one off $7,000.00 grant from the Federal Government. Maybe you, your children or someone you know can take advantage of the grant!

There appears to be a lot of confusion and misinformation about who is eligible for the grant. For example, I had a client who was informed by her Bank Manager that she was not eligible for the grant because she was not buying a “new” home. Wrong!

Lets have a look at some of the requirements for eligibility.

• For a person to be eligible for the grant they must:-
• Be buying or building their first home.
• Enter into a Contract to buy an existing home or build a new home on or after 1 July, 2000.
• Be an Australian Citizen or permanent resident.
• Intend to reside in the home as their principle place of residence.
• Start living in the home within a reasonable time.

Other points to know are:-

• The payment is not means tested.
• Trusts and Company’s are not eligible for the grant.
• The payment will be made regardless of where the person buys or the value of the home they are buying/building.
• It applies to both new and established homes.
• It does not apply to holiday houses or investment properties.

There are some catches to eligibility so it is vitally important you speak with a person who knows what they are talking about.